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

a$.$ The budgeted net income for the month of June is $$80,500.$

b$.$ The beginning cash balance is $$88,000$; budgeted cash receipts are $$1,640,000$; budgeted cash disbursements are $$1,510,000.$

c$.$ Budgeted sales for May and June are $$1,800,000$ and $$1,880,000,$ respectively. Collections are $35\%$ in the month of sale and $65\%$ in the month following as account receivable.

d$.$ The projected merchandise inventory balance is $20\%$ of the following month$$s sales. Sales for July are projected to be $$1,750,000.$

e$.$ Purchases of inventory are paid $65\%$ in the month of purchase and $35\%$ in the month following. Budgeted purchases for June are $$1,050,000.$

f$.$ The Balance Sheet for May $31$ shows equipment of $$380,000$ with accumulated depreciation of $$40,000,$

g$.$ There is an outstanding loan balance of $$880,000.$

h$.$ Accrued income taxes payable for June $30$ are $$85,000,$ and accrued salaries payable are $$130,000$

i$.$ The only other balance sheet accounts are Common Stock, with a balance of $$450,000$ on May $31,$ and Retained Earnings with a balance of $$85,000$ on May $31.$