Use the following information to prepare a budgeted balance sheet for Marine Corporation at March 31. Show

Question:

Use the following information to prepare a budgeted for Marine at March 31. Show computations for the cash and owners’ equity amounts.
a. March 31 inventory balance, $ 15,085
b. March payments for inventory, $ 4,600
c. March payments of and accrued liabilities, $ 8,400
d. March 31 balance, $ 1,700
e. February 28 furniture and fixtures balance, $ 34,500; accumulated depreciation balance, $ 29,880
f. February 28 owners’ equity, $ 28,630
g. March depreciation expense, $ 500
h. Cost of goods sold, 60% of sales
i. Other March expenses, including income tax, total $ 3,000; paid in cash
j. February 28 cash balance, $ 11,200
k. March budgeted sales, $ 12,500
l. March 31 balance, one- fourth of March sales m. March cash receipts, $ 14,300

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