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    Master Budget Income Statement

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    Russell Company has the following projected account balances for June 3O, 19x1:

    Accounts payable___________________$40,000

    Accounts receivable________________100,000

    Depreciation, factory_______________24,000

    Inventories (5/31 & 6/30)__________180,000

    Direct materials used______________200,000

    Office salaries_____________________80,000

    Insurance, factory___________________4,000

    Plant wages________________________140,000

    Bonds payable______________________160,000

    Sales______________________________800.000

    Capital stock______________________400,000

    Retained earnings________________________?

    Cash________________________________56,000

    Equipment, net_____________________240,000

    Buildings, net_____________________400,000

    Utilities, factory__________________16,000

    Selling expenses____________________60,000

    Maintenance, factory________________28,000

    Prepare a budget income statement for June 19x1.

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    Solution Preview

    92. a. Russell Company
    <br> Income Statement
    <br> for the month of June 19x1
    <br>
    <br> Sales $800,000
    <br> ...

    $2.49

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