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