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Problem 3 : Budgeting ( 1 0 pts ) table [ [ table [ [ Deacon Company ] , [ Balance Sheet ]
Problem : Budgeting pts
tabletableDeacon CompanyBalance SheetMarch AssetsCash$Accounts receivable,InventoryBudgeted Income Statements,,,Buildings and equipment, net of depreciation,April,May,JuneTotal assets,$Sales,$$$
dgeting Assumptions:
of sales are cash sales and of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining are collected in the month subsequent to the sale.
Budgeted sales for July are $
of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. The accounts payable at March will be paid in April.
Each month's ending merchandise inventory should equal $ plus of the next month's cost of goods sold.
Depreciation expense is $ per month. All other selling and administrative expenses are paid in full in the month the expense is incurred.
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