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 be$70\%$ in the month following.

d$.$ The projected merchandise inventory balance is $25\%$ of the following month$$s sales. Sales for July are projected to be $$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 $31.$