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  3. purchases. if a loan is necessary, davies-lowry ha

purchases. If a loan is necessary, Davies-Lowry has decided it should be paid off by...

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Accounting

purchases. If a loan is necessary, Davies-Lowry has decided it should be paid off by the end of the first quarter if
possible.
Intercoastal's board of directors has indicated an intention to declare and pay dividends of $75,000 on the last day of
each quarter.
The interest on any short-term borrowing will be paid when the loan is repaid. Interest on Intercoastal's bonds is paid
semiannually on January 31 and July 31 for the preceding six-month period.
Property taxes are paid semiannually on February 28 and August 31 for the preceding six-month period.
Required:
Prepare Intercoastal Electronics Company's master budget for the first quarter of 201 by completing the following
schedules and statements.
Problem 9-44 Part 9
Prepare Intercoastal Electronics' budgeted balance sheet as of March 31,20x1.(Hint: On March 31,20x1, Bond Interest Payable is
$6,000 and Property Taxes Payable is $1,500.)(Round your answers to the nearest whole dollar.)
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