Zetrov CompanyThe cash budget for March shows an ending bank loan

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Zetrov Company:

The cash budget for March shows an ending bank loan of

$10,000 and an ending cash balance of $50,000.

The sales budget for March indicates sales of $140,000.

Accounts receivable are expected to be 70% of the

current-month sales.

The merchandise purchases budget indicates that $89,000

in merchandise will be purchased on account in March.

Purchases on account are paid 100% in the month

following the purchase. Ending inventory for March is

predicted to be 600 units at a cost of $35 each.

The budgeted income statement for March shows net

income of $48,000. Depreciation expense of $1,000 and

$26,000 in income tax expense were used in computing net

income for March. Accrued taxes will be paid in April.

The balance sheet for February shows equipment of

$84,000 with accumulated depreciation of $46,000,

common stock of $25,000, and ending retained earnings of

$8,000. There are no changes budgeted in the equipment

or common stock accounts.

Prepare a budgeted balance sheet for March.

Solution

Liabilities Assets Bank loan 10,000

Cash balance 50,000 common stock

25,000 accounts receivable ( 140,000*70%)

98,000 retained earnings 8,000

Equipment 84,000 accounts payable

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Zetrov Company: The cash budget for March shows an ending bank loan of $10,000 and an ending cash balance of $50,000. The sales budget for March indicates sales of $140,000. Accounts receivable are expected to be 70% of the current-month sales. The merchandise purchases budget indicates that $89,000 in merchandise will be purchased on account in March. Purchases on account are paid 100% in the month following the purchase. Ending inventory for March is predicted to be 600 units at a cost of $35 each. The budgeted income statement for March shows net income of $48,000. Depreciation expense of $ ...
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