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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
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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