Gardenia Company has the following projected account balances for June 30, 20X9:
|
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|
$ 60,000 |
Sales |
$ 800,000 |
|
Accounts receivable |
$ 100,000 |
Capital stock |
$ 400,000 |
|
Depreciation, factory |
$ 36,000 |
Retained earnings |
? |
|
Inventories (5/31 & 6/30) |
$ 180,000 |
Cash |
$ 56,000 |
|
Direct materials used |
$ 200,000 |
Equipment, net |
$ 240,000 |
|
Office salaries |
$ 80,000 |
Buildings, net |
$ 400,000 |
|
Insurance, factory |
$ 4,000 |
Utilities, factory |
$ 16,000 |
|
Plant wages |
$ 140,000 |
Selling expenses |
$ 50,000 |
|
Bonds payable |
$ 160,000 |
Maintenance, factory |
$ 28,000 |
Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.
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