Russell company has following projected account balances

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Russell Company has the following projected account balances for June 30, 20X2:

Accounts payable $40,000

Sales $800,000
Accounts receivable 100,000

Capital stock 400,000
Depreciation, factory 24,000

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 60,000
Bonds payable 160,000

Maintenance, factory 28,000

Question 1: Calculate the budgeted net income for June 20X2.

Question 2: Calculate the budgeted total assets as of June 30, 20X2.

Reference no: EM13454259

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