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 $12,000 and an ending cash balance of $56,800. b. The sales budget for March indicates sales of $124,000. Accounts receivable are expected to be 65% of the current-month sales. c. The merchandise purchases budget Indicates that $89,400 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 640 units at a cost of $35 each. d. The budgeted Income statement for March shows net Income of $48,400. Depreciation expense of $1,400 and $26,400 In Income tax expense were used in computing net Income for March. Accrued taxes will be pala in April e. The balance sheet for February shows equipment of $83,600 with accumulated depreciation of $30,400, common stock of $27,000, and ending retained earnings of $8,400. 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