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Chapter 08s

Ending finished goods inventory selling and

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Unformatted text preview: Ending Finished Goods Inventory. Selling and Administrative Expense Budget. Cash Budget. 8-59 The Budgeted Balance Sheet Royal 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 8-60 Royal Company Budgeted Balance Sheet June 30 Assets: Cash 43,000 $ Accounts receivable 75,000 Raw materials inventory 4,600 Finished goods inventory 24,950 Land 50,000 Equipment 367,000 Total assets 564,550 Liabilities and Stockholders' Equity Accounts payable 28,400 $ Common stock 200,000 Retained earnings 336,150 Total liabilities and stockholders' equity 564,550 $ 11,500 lbs. at $0.40/lb. 5,000 units at $4.99 each. 50% of June purchases of $56,800. 25% of June sales of $300,000. 8-61 Royal Company Budgeted Balance Sheet June 30 Assets: Cash 43,000 $ Accounts receivable 75,000 Raw materials inventory 4,600 Finished goods inventory 24,950 Land 50,000 Equipment 367,000 Total assets 564,550 Liabilities and Stockholders' Equity Accounts payable 28,400 $ Common stock 200,000 Retained earnings 336,150 Total liabilities and stockholders' equity 564,550 $ Beginning balance 146,150 $ Add: net income 239,000 Deduct: dividends (49,000) Ending balance 336,150 $...
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Ending Finished Goods Inventory Selling and Administrative...

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