Use the following information to prepare a budgeted balance sheet for Grimm Corporation at March 31. Show computations for the cash and owners' equity amounts.

a. March 31 inventory balance, $17,965.

b. March payments for inventory, $4,700.

c. March payments of accounts payable and accrued liabilities, $8,500.

d. March 31 accounts payable balance, $2,200.

e. February 28 furniture and fixtures balance,$34,700; accumulated depreciation balance, $29,830.

f. February 28 owners' equity, $28,890.

g. March depreciation expense, $400.

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, $11,800.

k. March budgeted sales, $12,700.

l. March 31 accounts receivable balance, one-fourth of March sales.

m. March cash receipts, $14,100.