What is the Liabilities and Stockholders Equity and Budgeted statement of cash flows, 20Y2 (6 months). Please reference data below the charts.

Nomads balance sheet on December 31, 20Y1 is as follows:

Assets

cash: 124,000

Accounts receivable [a]: 304,000

Inventory: 120,000

Prepaid insurance: 36,000

PP&E, net of accumulated depreciation: 796,000

Total assets: 1,380,000

Liabilities and Stockholders Equity

Accounts payable [b]: 163,800

Dividends payable: 50,000

Common stock: 1,000,000

Retained earnings: 166,200

Total liabilities & stockholders equity: $1,380,000

. Budgeted income statement, 20Y2 (6 months)
Sales	2,700,000	Sales budget
Cost of goods sold	1,620,000	Purchases budget
Gross margin	1,080,000
Selling and administrative expenses	555,000	S&A expense budget
Operating income	525,000
Interest expense	n.a.
Income tax expense	130,000	Cash budget
Net income	395,000

6. Budgeted balance sheet, June 30, 20Y2
Assets
Cash	315,400	Cash budget
Accounts receivable	400,000	Sales budget
Inventory	156,000	Purchases budget
Prepaid insurance	18000	Jan 1 balance less insurance expense
PP&E, net of depreciation	90000	Jan 1 balance plus acquisitions less depreciation
Total assets	979,400

Purchases budget Jan 1 balance Jan 1 balance plus net income Check figures: - Total budgeted sales revenue is $2,700,000 - Total budgeted cash collections are \$2,604,000 - Total budgeted inventory purchases are \$1,656,000 - Budgeted cash payments for inventory purchases are $1,605,600 - Budgeted cash balance on June 30 is $315,400 - Budgeted net income is $395,000 - Budgeted total assets on June 30 is $1,775,400 - Cash provided by operating activities is $391,400 Case 2. Annual Budget and Budgeted Financial Statements - Solution