I am completing a Sample Master Budget for October. I am having trouble calculating the Accounts Payable for the Balance Sheet. I am also unsure if I have completed the other reports correctly.

Dec-15 FOX VALLEY TECHNICAL COLLEGE BUSINESS DIVISION ACCOUNTING DEPARTMENT SAMPLE MASTER BUDGET October Principles of Accounting XYZ Company, Inc. Balance Sheet September 30, 20XX Assets Liabilities Cash $5,000 Accounts Payable $3,000 Accounts Receivable 1,000 Notes Payable 1,000 Inventory* 500 Total Liabilities $4,000 Equipment 2,000 Stockholders' Equity Capital Stock $3,500 Retained Earnings 1,000 $4.500 Total Assets $8,500 Total Liabilities & $8,500 Stockholders' Equity Inventory - September 30 Desired Inventory - October 31 Item 1 8 x $25 $200 Item 1 10 25 250 Item 2 10 x $30 300 Item 2 12 4 30 360 Total $500 Total 610 Estimated Sales on Account: Item 1 20 @ $50 - 1000 Item 2 40 @ $70 - 2800 3800 1. 25% of September Accounts Receivable and 50% of Sales is expected to be collected. 250 + 1900 2. 30% of September Accounts Payable and 50% of purchases is expected to be paid. 3. 100 + 405 Interest on the Note Payable is 8% and is paid monthly. (Round the interest to the nearest dollar.) $400 of principal is due in October. Depreciation is calculated using the straight-line method. The equipment was purchased September 30 and is expected to last 5 years. (Round the depreciation to the nearest dollar. 5 . A computer costing $500 will be purchased on account at the end of October. It will not be depreciated until November. 6. Expenses in October are Salaries ($500) and Advertising ($100). You need to calculate interest and depreciation. Salaries, Advertising and Interest will be paid in October.Principles of Accounting Sample Budget Page 2 Sales Budget October 20XX Item # Item Description Quantity Sales Price Tota Item 1 Item ! 20 50 1000 Item 2 Item 2 40 * 70 280 Total Sales 3800 Merchandise Purchases Budget October 20XX Item Sales Inventory Required Inventory Need to Cost Purchases Oct. 31, Sept. 30, Purchase 20XX 20XX Item 1 20 + 10 8 =1 2 2 x 25 40 - 650 Item 2 + 12 = 52 10 42 8 30 12 60 1810 Expense Budget October 31, 20XX Salaries Expense 500 Advertising Expense Interest Expense 7 1000 x 8%% x 1/ 12 Depreciation Expense 33 2000 15 x 1/12 Total 640 Capital Expenditures Budget October 20XX Computer 500 Total 500 PA.Sample BudgetPrinciples of Accounting Sample Budget Page 3 Cash Budget October 20XX Beginning Cash Balance 500 0 Collections from Customers 250 Collections from Customers 1900 Total 7150 Disbursements: Accounts Payable 30% of 2005 1802 Purchases 50 % of 1810 Salaries 560 Advertising 100 Interest 7 Payment on Note 3717 Ending Cash Balance 3433Income Statement For the Month Ended October 31, 20XX Sales 3800 Cost of Goods Sold Beginning Inventory 50 0 Purchases Goods Available For Sale 2310 Less Ending Inventory LID Cost of Goods Sold 1700 Gross Profit 2100 Expenses Salaries 500 Advertising 100 Interest 7 Depreciation 3.3 Total Expenses Net Income 1460 X Y Z Statement of Retained Earnings For the Month Ended October 31, 20XX Beginning Retained Earnings $ 1000 Net Income (Loss) $ 1460 Less: Dividends Increase/Decrease in Retained Earnings Ending Retained Earnings 2460Principles of Accounting Sample Budget Page 5 Balance Sheet October 31, 20XX Assets Liabilities Cash $3433 Accounts Payable* * Accounts Receivable* 2150 Notes Payable Inventory 410 Total Liabilities $ Office Equipment $ 2500 Less Accum. Depr. 33 2467 Stockholders' Equity Capital Stock BOOD Retained Earnings* * * $ 260 5960 Total Liabilities & Stockholders Total Assets Equity