ACG 2021 Budgeted Balance Sheet Rene Denisco Doughnuts has applied for a loan with Fifth Third Bank. The bank has requested a budgeted balance sheet as of May 31, 21. The controller of Denisco has assembled the following information: a. May 31 inventory balance $12,535 b. May payments of inventory paid for in cash $4,4[l c. May payments of accounts payable and accrued liabilities from April, $8,3 d. May 31 accounts payable balance $2,2{l e. April 30 furniture and fir-{tires are $34,6, with accumulated depreciation of $29,381} t. April 3D owner's equity, $28,510 3. May depreciation expense $B 11. Cost of goods sold is 40% of sales i, Other May expenses, including income taxes, is $,, paid in cash. j. April 3U cash balance $11,4 k. May budgeted sales $12,200 1. May 31 Accounts receivable balance is 25% of May sales 111. May cash receipts, $14,20 Prepare a budgeted balance sheet for Denisco's Doughnuts. (HINT: USE T ACCOUNTS TO SET UP PROBLEM AND THEN CREATE YOUR TI HT .'hTFF C'II'IT'TF'T'I'I