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INCOME STATEMENT 1. Prepare an absorption costing income statement for the quarter ending June 30. BALANCE SHEET 2. Prepare a budgeted balance sheet as of

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INCOME STATEMENT

1. Prepare an absorption costing income statement for the quarter ending June 30.

BALANCE SHEET

2. Prepare a budgeted balance sheet as of June 30.

**use the above image and below image for your data to make an income statement and a balance sheet.

TAB 1A Newport Tie Company
Balance Sheet
31-Mar-12
Assets
Cash 8,000
Accounts Receivable 39,000
Inventory 18,700
Buildings and equipment (net) 214,100
Total Assets 279,800
Liabilities and Stockholders' Equity
Liabilities
Accounts Payable $20,075
Stockholders' Equity
Common stock 183,575
Retained Earnings 76,150
Total Stockholders' Equity 259,725
Total Liabilities and Stockholders' Equity $ 279,800
Sales budget: Schedule of expected cash collections: Merchandise purchases budget: Budgeted cash disbursements for merchandise purchase: Sales budget: Schedule of expected cash collections: Merchandise purchases budget: Budgeted cash disbursements for merchandise purchase

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