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Question - Rossi Company has the following projected account balances for June 30, 20X9:
Accounts payable
$60,000
Sales
$800,000
Accounts receivable
$120,000
Capital stock
$420,000
Depreciation, factory
$24,000
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.
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