Exercise 20-33A Merchandising: Budgeted balance sheet LO P3 The following information is available for Zetrov Company a. The cash budget for March shows an ending bank loan of $13,500 and an ending cash balance of $55,550. b. The sales budget for March indicates sales of $127.000. Accounts receivable are expected to be 65% of the current month sales c. The merchandise purchases budget indicates that $89.700 in merchandise will be purchased on account in March Purchases on account are paid 100% in the month following the purchase Ending inventory for March is predicted to be 670 units at a cost of $40 d. The budgeted income statement for March shows net income of $48,700. Depreciation expense of $1700 and $26,700 in income tax expense were used in computing net income for March. Accrued taxes will be paid in April e. The balance sheet for February shows equipment of $83,300 with accumulated depreciation of $30,700, common stock of $28,500, and ending retained earnings of $8,700. There are no changes budgeted in the equipment or common stock accounts, Prepare a budgeted balance sheet at the end of March ZETROV COMPANY Budgeted Balance Sheet As of March 31 Assets Cash Accounts receivable