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

a$.$ The budgeted net income for the month of June is $$114,500.$

b$.$ The beginning cash balance is $$55,000$; budgeted cash receipts are $$1,540,000$; budgeted cash disbursements are $$1,480,000.$

c$.$ Budgeted sales for May and June are $$1,690,000$ and $$1,755,000,$ respectively. Collections are $35\%$ in the month of sale and account receivable is expected to be $65\%$ in the month following.

d$.$ The projected merchandise inventory balance is $20\%$ of the following month's sales. Sales for July are projected to be $$1,850,000.$

e$.$ Purchases of inventory are paid; $70\%$ in the month of purchase and $30\%$ in the month following. Budgeted purchases for June are $$1,050,000.$

f$.$ The Balance Sheet for May $31$ shows equipment of $$430,000$ with accumulated depreciation of $$24,000,$

g$.$ There is an outstanding loan balance of $$900,000.$

h$.$ Accrued income taxes payable for June $30$ are $$75,000,$ and accrued salaries payable are $$60,000$

i$.$ The only other balance sheet accounts are Common Stock, with a balance of $$420,000$ on May $31,$ and Retained Earnings with a balance of $$105,000$ on May $31.$