Exercise 22-33A 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 $14,000 and an ending cash balance of $66,000. b. The sales budget for March indicates sales of $128,000. Accounts receivable are expected to be 60% of the current-month sales. c. The merchandise purchases budget indicates that $89,800 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 680 units at a cost of $35 each d. The budgeted income statement for Morch shows net income of $48,800. Depreciation expense of $1800 and $26,800 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 $83,200 with accumulated depreciation of $30,800, common stock of $29,000, and ending retained earnings of $8,800. 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 0