Nomads balance sheet on December 31, 20Y1 is as follows: Assets cash: 124,000 Accounts receivable...
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Accounting
Nomads balance sheet on December 31, 20Y1 is as follows:
Assets
cash: 124,000
Accounts receivable [a]: 304,000
Inventory: 120,000
Prepaid insurance: 36,000
PP&E, net of accumulated depreciation: 796,000
Total assets: 1,380,000
Liabilities and Stockholders Equity
Accounts payable [b]: 163,800
Dividends payable: 50,000
Common stock: 1,000,000
Retained earnings: 166,200
Total liabilities & stockholders equity: $1,380,000
Case 2. Annual Budget and Budgeted Financial Statements Numerous check figures are provided in the tables above (red font, italics), including the following amounts: - Total budgeted sales revenue is \$2,700,000 - Total budgeted cash collections are $2,604,000 - Total budgeted inventory purchases are \$1,656,000 - Budgeted cash payments for inventory purchases are \$1,605,600 - Budgeted cash balance on June 30 is $315,400 - Budgeted net income is $395,000 - Budgeted total assets on June 30 is $1,775,400 - Cash provided by operating activities is $391,400
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