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 S16,500 and an ending cash balance of $66,750. b. The sales budget for March indicates sales of $133.000. Accounts receivable are expected to be 65% of the current-month sales. c. The merchandise purchases budget indicates that $90,300 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 730 units at a cost of $30 each d. The budgeted income statement for March shows net income of $49.300 Depreciation expense of $2,300 and $27300 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 $82700 with accumulated depreciation of $31,300, common stock of $31,500, and ending retained earnings of $9,300. 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 Merchandise Inventory 66.750 86,450 21.900 $ 175.100 $ 82.700 Total current assets Equipment Accumulated depreciation Equipment, not Total assets 82.700 257 800 Liabilities Accounts payable Income taxes payable Bank loan payable