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Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.

01 / 10 / 2021 Assignment

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Gardenia Company has the following projected account balances for June 30, 20X9:

Accounts payable $ 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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