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I don’t know how to form a Budgeted Income Statement and Budgeted Balance Sheet from the… 1 answer below » I don’t know how to form a Budgeted Income Statement and Budgeted Balance Sheet from the information I’ve been provided with: Cash $ 30,000 Accounts Payable $ 20,000 Accounts Receivable 30,000 Notes Payable 400,000 Plant & Equipment 3,000,000 Common Stock 200,000 Accum. Depreciation (1,100,000) Retained Earnings 1,340,000 Total Assets $ 1,960,000 Total Liabilities & Equity $ 1,960,000 During the year, the resort expects to rent 40,000 rooms. Rooms rent for an average of $130 per night. Additionally, the resort expects to sell 45,000 meals at an average price of $35 per meal. The View complete question » I don’t know how to form a Budgeted Income Statement and Budgeted Balance Sheet from the information I’ve been provided with: Cash $ 30,000 Accounts Payable $ 20,000 Accounts Receivable 30,000 Notes Payable 400,000 Plant & Equipment 3,000,000 Common Stock 200,000 Accum. Depreciation (1,100,000) Retained Earnings 1,340,000 Total Assets $ 1,960,000 Total Liabilities & Equity $ 1,960,000 During the year, the resort expects to rent 40,000 rooms. Rooms rent for an average of $130 per night. Additionally, the resort expects to sell 45,000 meals at an average price of $35 per meal. The variable cost per room rented is $55, and the variable cost per meal is $15/ The resort’s fixed cost, excluding depreciation, are projected to be $2,000,000 and general and administrative expense is estimated to be $568,000. Depreciation expense is expected to be $350,000. Annual interest on existing note payable is 8% of the unpaid note balance and a $100,000 principal payment on the note is required at year end. The Company’s average income tax rate is 35%. The ending accounts receivable balance is projected to be $40,000, and the ending accounts payable balance is expected to be $35,000 (To calculate ending cash, assume all revenues and relevant expenses flow through Accounts Receivable and Accounts Payable).<---This part confuses me View less » Jul 28 2015 06:08 PM
