1.Begin by determining the formula, then compute the ending cash balance.

2.Next determine the formula, then compute the ending owners' equity.

3.Prepare the asset section of the balance sheet, then prepare the liabilities and owners' equity section.

Olivas Corporation

Budgeted Balance Sheet

March 31

Assets

Current assets:

Cash

Accounts receivable

Inventory

Total current assets

Plant assets:

Furniture and fixtures

Accumulated depreciation

Total assets

Liabilities

Current Liabilities:

Accounts payable

Total liabilities

Stockholders' Equity

Total stockholders' equity

Total liabilities and stockholders' equity

Score: 0.15 of 2 pts & E9-31A (similar to) b. March payments for inventory, $4.200 d. March 31 accounts payable b $1.900 March budgeted sales $12.400 L. March 31 accounts receivable balance, one-fourth of March sales