Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Odas: (Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch (Accum Accounts holders Cash AIR + Inventory+ Furniture + Deprec) = Payable equity June 30 balance + + + + + + e. ui a. June 30 Merchandise Inventory balance, $17,740 b. July purchase of Merchandise Inventory, $4,200, paid in cash c. July payments of Accounts Payable, $8,500 d. June 30 Accounts Payable balance, $10,300 June 30 Furniture and Fixtures balance, $34,700; Accumulated Depreciation balance, $29,850 f. June 30 total stockholders' equity balance, $28,940 g. July Depreciation Expense, $600 h. Cost of Goods Sold, 50% of sales i. Other July expenses, including income tax, $3,000, paid in cash j. June 30 Cash balance, $11,500 k. July budgeted sales on account, $12,200 1. June 30 Accounts Receivable balance $5,150 m. July cash receipts from payments on account, $14,800 Jamison Company prepared the following budgeted income statement for 2025: B (Click the icon to view the budgeted income statement.) Read the requirements Requirement 1. Prepare a budgeted income statement with columns for 400 units, 500 units, and 1,100 units sold. Jamison Company Budgeted Income Statement For the Year Ended December 31, 2025 400 Unit sales Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Jamison Company Budgeted Income Statement For the Year Ended December 31, 2025 Vel od Unit sales 500 fil Sales Revenue ($550 per unit) $ nd 275,000 151,250 Cost of Goods Sold (55% of sales) Gross Profit 123,750 41,250 Selling and Administrative Expenses (15% of sales) $ 82,500 Operating Income 1. Prepare a budgeted income statement with columns for 400 units, 500 units, and 1,100 units sold. 2. How might managers use this type of budgeted income statement? 3. How might spreadsheet software such as Excel assist in this type of analysis
