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

Question:

Use the following information to prepare a budgeted for Boswell at March 31. Show computations for the cash and owners' equity amounts.
a. March 31 inventory balance, $16,375
b. March payments for inventory, $4,500
c. March payments of and accrued liabilities, $8,200
d. March 31 balance, $1,900
e. February 28 furniture and fixtures balance, $34,300; accumulated depreciation balance, $29,850
f. February 28 owners' equity, $31,000
g. March depreciation expense, $800
h. Cost of goods sold, 70% of sales
i. Other March expenses, including income tax, total $9,000; 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, $14,200
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