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 $18,000 and an ending cash balance of $65,200. b. The sales budget for March indicates sales of $136,000. Accounts receivable are expected to be 65% of the current-month sales. c. The merchandise purchases budget indicates that $90,600 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 760 units at a cost of $35 each. d. The budgeted income statement for March shows net income of $49,600. Depreciation expense of $2,600 and $27,600 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 $82,400 with accumulated depreciation of $31,600, common stock of $33,000, and ending retained earnings of $9,600. 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