10 Check my work Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets $60,000 30,000 43,900 131,000 $ 264,900 Liabilities and Stockholders' Equity Accounts payable Common stock s 72,000 70,000 122,900 $ 264,900 Total liabilities and stockholders' equity Budgeted Income Statements April May June $113,000 $123,000$143,000 Sales Cost of goods sold Gross margin Selling and administrative expenses 17,00018,50021,500 Net operating income 67,800 45,200 73,800 49,200 85,800 57,200 28,200 30,700 35,700 Budgeting Assumptions