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 $11,000 and an ending cash balance of $61,500. b. The sales budget for March indicates sales of $122,000. Accounts receivable are expected to be 60% of the current-month sales. c. The merchandise purchases budget indicates that $89,200 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 620 units at a cost of $35 each d. The budgeted income statement for March shows net income of $48,200 Depreciation expense of $1,200 and $26,200 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 $83,800 with accumulated depreciation of $30,200, common stock of $26,000, and ending retained earnings of $8,200. There are no changes budgeted in the equipment or common stock accounts. Prepare a budgeted balance sheet at the end of March Soved 5 ZE TROV COMPANY Budgeted Balance Sheet As of March 31 10 points eBook Hint Print References 0 Mc Grow Hill