Use the following information to prepare a budgeted balance sheet for Rescue.com at March 31. Show computations for the cash and owners’ equity amounts.
a. March 31 inventory balance, $17,535.
b. March payments for inventory, $4,400.
c. March payments of accounts payable and accrued liabilities, $8,300.
d. March 31 accounts payable balance, $2,200.
e. February 28 furniture and fixtures balance, $34,600; accumulated depreciation balance, $29,880.
f. February 28 owners’ equity, $28,510.
g. March depreciation expense, $800.
h. Cost of goods sold, 40% of sales.
i. Other March expenses, including income tax, total $6,000; paid in cash.
j. February 28 cash balance, $11,400.
k. March budgeted sales, $12,700.
l. March 31 accounts receivable balance, one-fourth of March sales.
m. March cash receipts, $14,200.