"Business Majors" - Need help with an accounting problem

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I'm working on following problem for last three days but really can't figure out how to solve it. Can anybody help me out - hints/resources/examples - anything would be appreciated.  Consider the following June actual ending balances and July 31, 2012, budgeted amounts for Orleans.com: a. June 30 inventory balance, $17,750 b. July payments for inventory, $4,300 c. July payments of accounts payable and accrued liabilites, $ 8,200 d. June 30 accounts payable balance, $10,600 e. June 30 furniture and fixtures balance, $34,500; accumulated depreciation balance, $29,830 f. June 30 equity, $28,360 g. July depreciation expense, $900 h. Cost of goods sold, 50% of sales i. Other July expenses, including income tax, total $6,000, paid in cash j. June 30 cash balance, $11,400 k. July budgeted credit sales, $12,700 l. June 30 accounts receivable balance, $5,140 m. July cash receipts, $14,200 Requirement Prepare a budgeted balance sheet

soaltee · Apr 5, 2012 1:13 PM · 3,065 views

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Normal.dotm 0 0 1 86 493 home 4 1 605 12.0 0 false 18 pt 18 pt 0 0 false false false /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Just an example, Not populated from your data Budgeted Balance Sheet Assets         Liabilities and Stockholders' Equity         Current assets:         Current liabilities:         Cash $ 12,200     Accounts payable       1,800 Accounts receivable   8,100     Stockholders' equity:         Supplies inventory   3,200     Common stock $ 5,000     Total current assets     $ 23,500 Retained earnings   34,700     Plant and equipment:         Total stockholders' equity     <td style="padding:0in 0

uhi nepali · Apr 6, 2012 1:05 AM

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"Business Majors" - Need help with an accounting problem

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