Use the following information to prepare a budgeted balance sheet APA Company for the month of June. Show all calculations for full points

a. The budgeted net income for the month of June is $230,000. b. The beginning cash balance is 65,000; budgeted cash receipts are $1,660,000; budgeted cash disbursements are $1,550,000. c. Budgeted sales for May and June are $1,780,000 and $1,900,000, respectively. Collections are 30% in the month of sale and account receivable is expected to be70 % in the month following. d. The projected merchandise inventory balance is 25% of the following months sales. Sales for July are projected to be $1,650,000. e. Purchases of inventory are paid 75% in the month of purchase and 25% in the month following. Budgeted purchases for June are $950,000. f. The Balance Sheet for May 31 shows equipment of $300,000 with accumulated depreciation of $35,000,

g. There is an outstanding loan balance of $800,000. h. Accrued income taxes payable for June 30 are $85,000, and accrued salaries payable are $150,000

i. The only other balance sheet accounts are Common Stock, with a balance of $500,000 on May 31, and Retained Earnings with a balance of $180,000 on May 31.