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Use the following information to prepare a budgeted balance sheet for Ollies Corporation at March 31. Show computations for the cash and stockholders' equity
Use the following information to prepare a budgeted balance sheet for Ollies Corporation at March 31. Show computations for the cash and stockholders' equity amounts. (Click the icon to view the March operating information.) Begin by determining the formula, then compute the ending cash balance. Beginning balance +Receipts Next determine the formula, then compute the ending owners' equity. Ending = cash balance Stockholders' Beginning balance + Sales revenue Cost of goods sold and depreciation and other expenses = equity Prepare the asset section of the balance sheet, then prepare the liabilities and owners' equity section. Ollies Corporation Budgeted Balance Sheet Assets Current assets: Cash Accounts receivable Inventory Total current assets Plant assets: March 31
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