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Preparing a Budgeted Balance Sheet

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Can you help me prepare a budgeted balance sheet for July 31, 2012 incorporating the information below?

- June 30 inventory balance $17,750
- July payments for inventory, $4,300
- July payments of accounts payable and accured liabilities, $8,200
- June 30 accounts payable balance $10,600
- June 30 furniture and fixture balance, $34,500
- Accumulated depreciation balance $29,830
- June 30 equity, $28,360
- July depreciation expense, 900
- Cost of goods sold, 50% of sales
- Other July expenses, including income tax, total $6,000, paid in cash
- June 30 cash balance, $11,400
- July budgeted credit sales, $12,700
- June 30 accounts receivable balance, $5,140
- July cash receipts, $14,200.

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Solution Summary

The expert prepares a financial budget balance sheet.

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Budgeted Balance Sheet
July 31, 2012

Assets
Current Assets:
Cash $7,100
Accounts Receivable $3,640 ...

Solution provided by:
Manal Elkhoshkhany, MBA
Education
  • BA, Ain Shams University, Cairo Egypt
  • MBA, California State University, Sacramento
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