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Russell Company has the following projected account balances for June 30, 20X9:
Accounts payable
$ 60,000
Sales $ 800.000
800,000
Accounts receivable
$ 100,000
Capital stock $ 400.000
400,000
Depreciation, factory
$ 36,000
Retained earnings
?
Inventories (5/31 & 6/30)
$ 180,000
Cash $ 56.000
56,000
Direct materials used
$ 210,000
Equipment, net $ 260.000
260,000
Office salaries
$ 92,000
Buildings, net $ 400.000
Insurance, factory
$ 4,000
Utilities, factory $ 16.000
16,000
Plant wages
$ 140,000
Selling expenses $ 50.000
50,000
Bonds payable
$ 160,000
Maintenance, factory $ 28.000
28,000
Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.
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