Exercise $20-33$A $($Algo$)$ Merchandising: Budgeted balance sheet LO P$4$

Prepare a budgeted balance sheet at March $31$ using the following information from Zimmer Company.

a$.$ The cash budget for March shows an ending loan balance of $$17,500$ and an ending cash balance of $$54,000.$

b$.$ The sales budget for March shows sales of $$135,000.$ Accounts receivable at the end of March are budgeted to be $70\%$ of March sales.

c$.$ The merchandise purchases budget shows that $$90,500$ in merchandise will be purchased on credit in March. Purchases on credit are paid $100\%$ in the month following the purchase.

d$.$ Ending merchandise inventory for March is budgeted to be $750$ units at a cost of $$40$ each.

e$.$ Income taxes payable of $$27,500$ are budgeted at the end of March.

f$.$ Accounting records at the end of March show budgeted equipment of $$82,500$ with accumulated depreciation of $$34,000.$

g$.$ Common stock of $$32,500$ and retained earnings of $$59,000$ are budgeted at the end of March.