BALANCE SHEET 1. Capital Stock - found in your instructions in your beginning (December 31) balance sheet - $500,000. 2. Retained earnings BEGINNING - $109,000). Beginning retained earnings is used in the calculation of ENDING retained earnings. Ending retained earnings is used on your balance sheet. Check figure for total assets is $852,320.

Need help with number 6 balance sheet

VERSION 2 MASTER BUDGET TEMPLATE 1. Schedule of expected cash collections: January February March Cash sales $100,000 $140,000 $80,000 Credit sales 224,000 $400,000 $560,000 Total cash collections $324,000 $540,000 $640,000 Quarter $ 320,000 1.184.000 $1,504,000 March Quarter $240,000 $960,000 2. a. Inventory purchases budget: January February Budgeted cost of goods sold $300,000 * $420,000 Add desired ending inventory 105,000 * $60,000 Total needs 405,000 * $480,000 Less beginning inventory 60,000 * $105,000 Required purchases $345,000 * $375,000 $45,000 $285,000 45,000 1,005,000 $60,000 $225,000 60,000 945,000 b. Schedule of cash disbursements for merchandise purchases: January February March Quarter December purchases January purchases February purchases March purchases Total cash disbursements for purchases $ 92,000 - 172,500 $172,500 * $187,500 $187,500 $112.500 $ 92,000 * 345,000 * 375,000 112,500 $264,500 $360,000 $300,000 $924,500 3. Schedule of cash disbursements for selling and administrative expenses: January February March Quarter Salaries and wages 27,000 $27,000 $27,000 81,000 Advertising 70,000 $70,000 $70,000 210,000 Shipping 25,000 * $35,000 $20,000 80,000 Other expenses 15,000 $21.000 $12,000 48,000 Total $137.000* $53,000 $129,00 $419,000 4. Cash budget: January February March Quarter Cash balance, beginning Add cash collections Total cash available Less disbursements: Inventory purchases 47,000 324,000 * $540,000 $640,00 371,000 $570,500 $695,800 $ 47,000 1.504,000 1,551,000 254,500 * $360,000 $300,000 924,500 137,000 - $153,000 $129,000 - $1,700 $84,500 45,000 446,500 * $514.700 $513,500 419,000 86,200 45,000 1,474,700 Selling and administrative expenses Equipment purchases Cash dividends Total disbursements Excess (deficiency) of cash Financing: Borrowings Repayments Interest Total financing Cash balance, ending (75,500)* $55,800 $105,000 76,300 106,000 $106,000 ($3,180) $109,180 106,000 (106,000) (3,180) ($3,180) 73,120 106,000 30,500 $ 5. Income statement: Income Statement For the Quarter Ended March 31 Sales $1,504,000 Cost of goods sold: $960,000 Beginning inventory (Given) $60,000 Add purchases (Part 2) $945,000 Goods available for sale Ending inventory (Part 2) $45,000 Gross margin $544,000 Selling and administrative expenses: Salaries and wages (Part 3) $81,000 Advertising (Part 3) Shipping (Part 3) Depreciation ($14,000 x 3) Other expenses (Part 3) Net operating income Interest expense (Part 4) Net income $210,000 $80,000 $42,000 $48.000 $83,000 $3,180 $79,820 6. Balance sheet: Balance Sheet March 31 Assets Current assets: Cash (Part 4) Accounts receivable (80% x $400,000) Cash (part 2) Total current assets Buildings and equipment, net ($370,000+ $86,200 - $42,000) Total assets Liabilities and Equity Current liabilities: Accounts payable (Part 2: 50% x $225,000) Stockholders' equity: Capital stock Retained earnings* Total liabilities and equity VERSION 2 MASTER BUDGET TEMPLATE 1. Schedule of expected cash collections: January February March Cash sales $100,000 $140,000 $80,000 Credit sales 224,000 $400,000 $560,000 Total cash collections $324,000 $540,000 $640,000 Quarter $ 320,000 1.184.000 $1,504,000 March Quarter $240,000 $960,000 2. a. Inventory purchases budget: January February Budgeted cost of goods sold $300,000 * $420,000 Add desired ending inventory 105,000 * $60,000 Total needs 405,000 * $480,000 Less beginning inventory 60,000 * $105,000 Required purchases $345,000 * $375,000 $45,000 $285,000 45,000 1,005,000 $60,000 $225,000 60,000 945,000 b. Schedule of cash disbursements for merchandise purchases: January February March Quarter December purchases January purchases February purchases March purchases Total cash disbursements for purchases $ 92,000 - 172,500 $172,500 * $187,500 $187,500 $112.500 $ 92,000 * 345,000 * 375,000 112,500 $264,500 $360,000 $300,000 $924,500 3. Schedule of cash disbursements for selling and administrative expenses: January February March Quarter Salaries and wages 27,000 $27,000 $27,000 81,000 Advertising 70,000 $70,000 $70,000 210,000 Shipping 25,000 * $35,000 $20,000 80,000 Other expenses 15,000 $21.000 $12,000 48,000 Total $137.000* $53,000 $129,00 $419,000 4. Cash budget: January February March Quarter Cash balance, beginning Add cash collections Total cash available Less disbursements: Inventory purchases 47,000 324,000 * $540,000 $640,00 371,000 $570,500 $695,800 $ 47,000 1.504,000 1,551,000 254,500 * $360,000 $300,000 924,500 137,000 - $153,000 $129,000 - $1,700 $84,500 45,000 446,500 * $514.700 $513,500 419,000 86,200 45,000 1,474,700 Selling and administrative expenses Equipment purchases Cash dividends Total disbursements Excess (deficiency) of cash Financing: Borrowings Repayments Interest Total financing Cash balance, ending (75,500)* $55,800 $105,000 76,300 106,000 $106,000 ($3,180) $109,180 106,000 (106,000) (3,180) ($3,180) 73,120 106,000 30,500 $ 5. Income statement: Income Statement For the Quarter Ended March 31 Sales $1,504,000 Cost of goods sold: $960,000 Beginning inventory (Given) $60,000 Add purchases (Part 2) $945,000 Goods available for sale Ending inventory (Part 2) $45,000 Gross margin $544,000 Selling and administrative expenses: Salaries and wages (Part 3) $81,000 Advertising (Part 3) Shipping (Part 3) Depreciation ($14,000 x 3) Other expenses (Part 3) Net operating income Interest expense (Part 4) Net income $210,000 $80,000 $42,000 $48.000 $83,000 $3,180 $79,820 6. Balance sheet: Balance Sheet March 31 Assets Current assets: Cash (Part 4) Accounts receivable (80% x $400,000) Cash (part 2) Total current assets Buildings and equipment, net ($370,000+ $86,200 - $42,000) Total assets Liabilities and Equity Current liabilities: Accounts payable (Part 2: 50% x $225,000) Stockholders' equity: Capital stock Retained earnings* Total liabilities and equity