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Acct 205: Managerial Accounting Budget Spreadsheet Assignment (SLO #2 Assessment) fAssets Cash $ 74.000 Accounts receivable ($26,000 February sales; $320,000 March sales). . . ..

Acct 205: Managerial Accounting

Budget Spreadsheet Assignment (SLO #2 Assessment)

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\fAssets Cash $ 74.000 Accounts receivable ($26,000 February sales; $320,000 March sales). . . .. 346,000 Inventory . . . . 104.000 Prepaid insurance . . . 21,000 Property and equipment (net) 950,000 Total assets $1.495,000 Liabilities and Stockholders' Equity Accounts payable. . .. .. $ 100,000 Dividends payable . . . . 15,000 Capital stock . . . 800,000 Retained earnings . .. 580,000 Total liabilities and stockholders' equity . . . $1,495,000Variable: Sales commissions 4% of sales Fixed: Advertising. $200,000 Rent . $18,000 Salaries $106,000 Utilities $7,000 Insurance $3,000 Depreciation. $14,000Requirement 3: EARRINGS UNLIMITED Budgeted Income Statement For the Three Months Ending June 30 Sales in units Sales Variable expenses: Cost of goods sold Commissions Contribution margin Fixed expenses: Advertising Rent Salaries Utilities Insurance Depreciation Net operating income Less interest expense Net income EARRINGS UNLIMITED Budgeted Balance Sheet June 30 Assets Cash Accounts receivable Inventory Prepaid insurance Property and equipment, net Total assets Liabilities and Equity Accounts payable, purchases Dividends payable Capital stock, no par Retained earnings Total liabilities and equity Accounts receivable at June 30: May sales ..... June sales Total Retained earnings at June 30: Balance, March 31 Add net income Total Less dividends declared Balance, June 30

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