Balance Sheet and formulas
Use the following information to prepare a budgeted balance sheet for Olivas Corporation at March 31. Show computations for the cash and stockholders' equity amounts. (Click the icon to view the March operating information.) Begin by determining the formula, then compute the ending cash balance. i Data Table -X Ending = cash balance = a. March 31 inventory balance, $10,550. b. March payments for inventory, $4,700. Next determine the formula, then compute the ending owners' equity. c. March payments of accounts payable and accrued liabilities, $8, 100. Stockholders' d. March 31 accounts payable balance, $2,200. e. February 28 furniture and fixtures balance, $34,400; accumulated equity depreciation balance, $29,850. 11 f. February 28 stockholders' equity, $23,000. g. March depreciation expense, $800. Prepare the asset section of the balance sheet, then prepare the liabilities and owners' equity section. h. Cost of goods sold, 50% of sales. Olivas Corporation i. Other March expenses, including income tax, total $9,000; paid in cash. Budgeted Balance Sheet j. February 28 cash balance, $11,600. k. March budgeted sales, $12,400. March 31 I. March 31 accounts receivable balance, one-fourth of March sales. Assets m. March cash receipts, $14,400. Current assets: Choose from any list or enter any number in the input fields and then continue to the next question. Print Done O W O N 11:20 AM 4/29/2021Use the following information to prepare a budgeted balance sheet for Olivas Corporation at March 31. Show computations for the cash and stockholders' equity amounts. (Click the icon to view the March operating information.) March 31 Assets i Data Table - X Current assets: Cash Accounts receivable a. March 31 inventory balance, $10,550. b. March payments for inventory, $4,700. Inventory c. March payments of accounts payable and accrued liabilities, $8, 100. Total current assets d. March 31 accounts payable balance, $2,200. Plant assets: e. February 28 furniture and fixtures balance, $34,400; accumulated depreciation balance, $29,850 Furniture and fixtures f. February 28 stockholders' equity, $23,000. Accumulated depreciation g. March depreciation expense, $800. h. Cost of goods sold, 50% of sales. Total assets i. Other March expenses, including income tax, total $9,000; paid in cash. Liabilities j. February 28 cash balance, $11,600. Current Liabilities: k. March budgeted sales, $12, 400. 1. March 31 accounts receivable balance, one-fourth of March sales. Accounts payable m. March cash receipts, $14,400. Total liabilities Choose from any list or enter any number in the input fields and then continue to the next question. Print Done W M O 11:21 AN O N 4/29/202Use the following information to prepare a budgeted balance sheet for Olivas Corporation at March 31. Show computations for the cash and stockholders equity amounts. (Click the icon to view the March operating information.) Accounts receivable i Data Table X Inventory Total current assets Plant assets: a. March 31 inventory balance, $10,550. Furniture and fixtures b. March payments for inventory, $4,700. c. March payments of accounts payable and accrued liabilities, $8, 100. Accumulated depreciation d. March 31 accounts payable balance, $2,200. Total assets e. February 28 furniture and fixtures balance, $34,400; accumulated depreciation balance, $29,850. Liabilities f. February 28 stockholders' equity, $23,000. Current Liabilities: g. March depreciation expense, $800. Accounts payable h. Cost of goods sold, 50% of sales. Total liabilities i. Other March expenses, including income tax, total $9,000; paid in cash. j. February 28 cash balance, $11,600. Stockholders' Equity k. March budgeted sales, $12,400. Total stockholders' equity I. March 31 accounts receivable balance, one-fourth of March sales. m. March cash receipts, $14,400. Total liabilities and stockholders' equity Choose from any list or enter any number in the input fields and then continue to the next question. Print Done Windows Ink Workspa 11:22 O W O N O 4/29/2
