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Below is the Balance Sheet for Creasy, Inc., as of June 30. Use the information from the problems above to complete the Budgeted Balance Sheet
Below is the Balance Sheet for Creasy, Inc., as of June 30. Use the information from the problems above to complete the Budgeted Balance Sheet as of September 30. Hint! Beginning Retained Earnings + Net Income Dividends = Ending Retained Earnings Budgeted Balance Sheet Balance Sheet June 30 September 30 Cash 100,000 Accounts Receivable ?20,000 Raw materials Inventory 185,220 Finished Goods Inventory 431,250 Total Current Assets 1,436,4?0 2,139,525 Equipment 600,000 Less Accumulated Depreciation {42,000} TOTAL ASS US 1,994,4?0 2301.525 Accounts Payable 308,?00 Short Term Notes Payable 25,000 0 Income Taxes Payable 0 Total Current Liabilities 492,?58 Long Term Notes Payable Total Liabilities Common Stock 1,000,000 1,000,000 Retained Earnings 160,??0 Total Liabilities 1,160,??0 Total Liabilities + Equity 1,994,4?0 2,701,525
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