Rossi Company has the following projected account balances for June 30, 20X9 Accounts payable $ 60,000 Sales $ 800,000 Accounts receivable $ 120,000 Capital stock $ 420,000 Depreciation, factory $ 24,000 Retained earnings Inventories (5 31 6 30) $ 180,000 Cash $ 56,000 Direct materials used $ 210,000 Equipment, net $ 260,000 Office salaries $ 92,000 Buildings, net $ 400,000 Insurance, factory $ 4,000 Utilities, factory $ 16,000 Plant wages $ 140,000 Selling expenses $ 50,000 Bonds payable $ 160,000 Maintenance, factory $ 28,000 Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9 Rossi Company has the following projected account balances for June 30, 20X9 Accounts payable $ 60,000 Sales Accounts receivable $ 120,000 Capital stock Retained Depreciation, factory $ 24,000 earnings Inventories (5 31 6 30) $ 180,000 Cash Direct materials used $ 210,000 Equipment, net Office salaries $ 92,000 Buildings, net Insurance, factory $ 4,000 Utilities, factory Plant wages $ 140,000 Selling expenses Bonds payable $ 160,000 Maintenance, factory $ $ 800,000 420,000 $ $ $ $ $ $ Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9 56,000 260,000 400,000 16,000 50,000 28,000

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Rossi Company has the following projected account balances for June 30, 20X9: Accounts payable $ 60,000 Sales $ 800,000 Accounts receivable $ 120,000 Capital stock

Rossi Company has the following projected account balances for June 30, 20X9: Accounts payable $ 60,000 Sales $ 800,000 Accounts receivable $ 120,000 Capital stock $ 420,000 Depreciation, factory $ 24,000 Retained earnings ? Inventories (5/31 & 6/30) $ 180,000 Cash $ 56,000 Direct materials used $ 210,000 Equipment, net $ 260,000 Office salaries $ 92,000 Buildings, net $ 400,000 Insurance, factory $ 4,000 Utilities, factory $ 16,000 Plant wages $ 140,000 Selling expenses $ 50,000 Bonds payable $ 160,000 Maintenance, factory $ 28,000 Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9. image text in transcribed

Rossi Company has the following projected account balances for June 30, 20X9: Accounts payable $ 60,000 Sales Accounts receivable $ 120,000 Capital stock Retained Depreciation, factory $ 24,000 earnings Inventories (5/31 & 6/30) $ 180,000 Cash Direct materials used $ 210,000 Equipment, net Office salaries $ 92,000 Buildings, net Insurance, factory $ 4,000 Utilities, factory Plant wages $ 140,000 Selling expenses Bonds payable $ 160,000 Maintenance, factory $ $ 800,000 420,000 ? $ $ $ $ $ $ Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9. 56,000 260,000 400,000 16,000 50,000 28,000