43000 75000 4600 24950 50000 367000 564550 28400

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Unformatted text preview: reported the following account balances prior to preparing its budgeted financial statements: •  Land - $50,000 •  Common stock - $200,000 •  Retained earnings - $146,150 (April 1) •  Equipment - $175,000 ABC Company Budgeted Balance Sheet June 30 Assets: Cash Accounts receivable Raw materials inventory Finished goods inventory Land Equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 25% of June sales of $300,000. $ $ 43,000 75,000 4,600 24,950 50,000 367,000 564,550 28,400 200,000 ? 11,500 lbs. at $0.40/lb. 5,000 units at $4.99 each. 50% of June purchases of $56,800. ABC Company Budgeted Balance Sheet June 30 Assets: Cash Accounts receivable Raw materials inventory Finished goods inventory Land Equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ Beginning balance Add: net income 43,000 dividends Deduct: Ending 75,000 balance 4,600 24,950 50,000 367,000 564,5...
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