Use the following June actual ending balances and July 31, 2018, budgeted amounts for Omas to prepare

Question:

Use the following June actual ending balances and July 31, 2018, budgeted amounts for Omas to prepare a budgeted balance sheet for July 31, 2018.

a. June 30 Merchandise Inventory balance, $17,770

b. July purchase of Merchandise Inventory, $4,400, paid in cash

c. July payments of Accounts Payable, $8,400

d. June 30 Accounts Payable balance, $10,700

e. June 30 Furniture and Fixtures balance, $34,100; Accumulated Depreciation balance, $29,880

f. June 30 total stockholders' equity balance, $28,020

g. July Depreciation Expense, $500

h. Cost of Goods Sold, 60% of sales

i. Other July expenses, including income tax, $2,000, paid in cash

j. June 30 Cash balance, $11,600

k. July budgeted sales, all on account, $12,600

l. June 30 Accounts Receivable balance, $5,130

m. July cash receipts from collections on account, $14,700

(It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.)

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