Solution-Prepare a budgeted income statement

Prepare a budgeted income statement

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Reference no: EM131564734

Question - Russell 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	$ 210,000	Equipment, net	$ 260,000
Office salaries	$ 92,000	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.

Reference no: EM131564734

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Prepare a budgeted income statement

Reference no: EM131564734

Reference no: EM131564734

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