Problem 3 - Income Statement Budget and Balanced Sheet Budget The following information was pulled off the various schedules of the master budget prepared by Zara Co. and other accounts for May: $14,000 Sales Accounts Receivable 11.000 Raw Material Used Inventory beginning 30.000 Depreciation-factory equip Inventory endang 31.000 Office salaries Equipment, net 5.000 Factory Labor Buildung. net 150.000 Factory Insurance Accounts Payable 18.000 Factory Utilities Bonds Payable 90.000 Sales Salaries Capital Stock 150.000 Factory maintenance Retamed Earnings General Sell and Admin Expense All materials purchased were used. Required: (1) Prepare a budgeted income statement for May (2) Prepare a budgeted balance sheet for May $200.000 36.000 11.000 34.000 25.000 2.000 3.600 20.000 10.000 18.000