C. 7-87 Additional Budgeted Balance Sheet Information Royal reported the following account balances prior to preparing its budgeted financial statements: Land - $50,000 Common stock - $150,000 Retained earnings - $248,650 (April 1) Net income - $239,080 Dividends - $49,000 Equipment - $175,000 . Budgeted Balance Sheet 30% of June sales of $300,000 Royal Company Budgeted Balance Sheet June 30 Assets: Cash Accounts receivable Raw materials inventory Finished goods inventory Land Equipment Total assets 11,500 lbs. at $0.40/lb. $ 80,580 90,000 4,600 24,950 50,000 367,000 $ 617,130 5,000 units at $4.99 each. Liabilities and Stockholders' Equity Accounts payable $ 28,400 Common stock 150,000 Retained earnings 438,730 Total liabilities and stockholders' equity $ 617,130 50% of June purchases of $56,800. C. 7-87 Additional Budgeted Balance Sheet Information Royal reported the following account balances prior to preparing its budgeted financial statements: Land - $50,000 Common stock - $150,000 Retained earnings - $248,650 (April 1) Net income - $239,080 Dividends - $49,000 Equipment - $175,000 . Budgeted Balance Sheet 30% of June sales of $300,000 Royal Company Budgeted Balance Sheet June 30 Assets: Cash Accounts receivable Raw materials inventory Finished goods inventory Land Equipment Total assets 11,500 lbs. at $0.40/lb. $ 80,580 90,000 4,600 24,950 50,000 367,000 $ 617,130 5,000 units at $4.99 each. Liabilities and Stockholders' Equity Accounts payable $ 28,400 Common stock 150,000 Retained earnings 438,730 Total liabilities and stockholders' equity $ 617,130 50% of June purchases of $56,800