Use the following information to prepare a budgeted balance sheet for Stitch Corporation at March 31. Show computations for the cash and stockholders' equity amounts.

Begin by determining the formula, then compute the ending cash balance.

Next determine the formula, then compute the ending owners' equity.

Then prepare the asset section of the balance sheet, followed by the liabilites and owners' equity section.

a. March 31 inventory balance, $8,315. b. March payments for inventory, $4,800. c. March payments of accounts payable and accrued liabilities, $8,700 d. March 31 accounts payable balance, $1,800. e. February 28 furniture and fixtures balance, $34,400; accumulated depreciation balance, $29,870. f. February 28 stockholders' equity, $21,000. g. March depreciation expense, $300. h. Cost of goods sold, 60% of sales. i. Other March expenses, including income tax, total $9,000; paid in cash. j. February 28 cash balance, $11,200. k. March budgeted sales, $12,300. I. March 31 accounts receivable balance, one-fourth of March sales m. March cash receipts, $14,100