Prepare T accounts and prepare an income statement and a balance sheet Part VI Budgeted Balance Sheet (15 Points) Cainas Cookies has applied for a loan with Bank of America The bank has requested a budgeted balance sheet as of May 31, 2020 The controller of Cainas Cookies has assembled the following information 1 May I inventory balance $5,000 2 May purchases of inventory $4,600, 80 of which is paid in cash, remaining balance in accounts payable on May 31 3 The beginning balance of accounts payable is $800, all of which was paid in May 4 May 1 equipment balance, $8,800 and accumulated depreciation is $2,400 5 May depreciation expense, $400 6 Cost of Goods sold 50 of sales 7 Other May operating expenses, including income tax, total $3,400, 75 if which was paid in cash and the remainder accrued (under accrued liabilities account) at May 31 8 May 1 owner's equity, $15,800 9 May 1 cash balance $5,200 10 May budgeted sales $18,500,75 which is collected in cash this month 11 May 31 accounts receivable balance is 25 of May sales Prepare a budgeted balance sheet for Cainas Cookies (HINT USE TACCOUNTS TO SET UP PROBLEM AND THEN CREATE YOUR BALANCE SHEET )

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Prepare T  accounts and prepare an income statement and a balance sheet Part VI  Budgeted Balance Sheet (15 Points) Cainas Cookies has applied for a loan with Bank of America  The bank has requested a budgeted balance sheet as of May 31, 2020  The controller of Cainas Cookies has assembled the following information  1  May I inventory balance  $5,000 2  May purchases of inventory $4,600, 80  of which is paid in cash, remaining balance in accounts payable on May 31 3  The beginning balance of accounts payable is $800, all of which was paid in May  4  May 1 equipment balance, $8,800 and accumulated depreciation is $2,400 5  May depreciation expense, $400 6  Cost of Goods sold   50  of sales 7  Other May operating expenses, including income tax, total $3,400, 75  if which was paid in cash and the remainder accrued (under accrued liabilities account) at May 31  8  May 1 owner's equity, $15,800 9  May 1 cash balance  $5,200 10  May budgeted sales  $18,500,75  which is collected in cash this month  11  May 31 accounts receivable balance is 25  of May sales Prepare a budgeted balance sheet for Cainas Cookies  (HINT  USE TACCOUNTS TO SET UP PROBLEM AND THEN CREATE YOUR BALANCE SHEET )

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Prepare T- accounts and prepare an income statement and a balance sheet Part VI. Budgeted Balance Sheet (15 Points) Cainas Cookies has applied for a

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