Question
Pelase consider the following June actual ending balances and July 31, 2016 budgeted amounts for Odas: a. June 30 Merchandise Inventory balance, $17,730 b. July
Pelase consider the following June actual ending balances and July 31, 2016 budgeted amounts for Odas:
a. June 30 Merchandise Inventory balance, $17,730
b. July purchase of Merchandise Inventory, $4,300, paid in cash
c. July payments of Accounts Payable, $8,500
d. June 30 Accounts Payable balance, $10,300
e. June 30 Furniture and Fixtures balance, $34,100; Accumulated Depreciation balance, $29,860
f. June 30 total stockholders' equity balance, $28,120
g. July Depreciation Expense, $900
h. Cost of Goods Sold, 40% of sales
i. Other July expenses, including income tax, $3,000, paid in cash
j. June 30 Cash balance, $11,300
k. July budgeted sales, all on account, $12,700
l. June 30 Accounts Receivable balance, $5,150
m. July cash receipts from collections on account, $14,700
Please, Complete the accounting equation for the July operating information.
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| Cash | + | A/R | + | Merch. Inventory | + | Furniture | + | (Accum. Deprec.) | = | Accounts Payable | + | Stock-holders' equity |
| June 30 balance |
| + |
| + |
| + |
| + |
| = |
| + |
|
| Purchase inventory | + |
| + |
| + |
| + |
| = |
| + |
|
| Payments of A/P | + |
| + |
| + |
| + |
| = |
| + |
|
| Depreciation |
| + |
| + |
| + |
| + |
| = |
| + |
|
| Cost of Goods Sold |
| + |
| + |
| + |
| + |
| = |
| + |
|
| Other expenses |
| + |
| + |
| + |
| + |
| = |
| + |
|
| Sales on account |
| + |
| + |
| + |
| + |
| = |
| + |
|
| Cash receipts |
| + |
| + |
| + |
| + |
| = |
| + |
|
| July 31 balance | + |
| + |
| + |
| + |
| = |
| + |
|
Please, prepare a budgeted balance sheet for July 31, 2016.
| Odas | ||
| Budgeted Balance Sheet | ||
| July 31, 2016 | ||
| Assets | ||
| Current Assets: |
| |
| Cash | ? |
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| Accounts Receivable | ? |
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| Merchandise Inventory | ? |
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| Total Current Assets | ? | |
| Property, Plant, and Equipment: |
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| Furniture and Fixtures | ? |
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| Less: Accumulated Depreciation | (?) | ? |
| Total Assets | ? | |
| Liabilities | ||
| Current Liabilities: |
| |
| Accounts Payable | ? | |
| Stockholders' Equity | ||
| Stockholders' Equity | ? | |
| Total Liabilities and Stockholders' Equity | ? | |
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Practical Guide To Auditing SAP Systems
Authors: Martin Metz, Sebastian Mayer
1st Edition
3960126409, 978-3960126409
