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Use the following information to prepare a budgeted balance sheet Egga Company for the month...

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Accounting

Use the following information to prepare a budgeted balance sheet Egga Company for the month of June. Show all calculations for full points
a. The budgeted net income for the month of June is $114,500.
b. The beginning cash balance is $55,000; budgeted cash receipts are $1,540,000; budgeted cash disbursements are $1,480,000.
c. Budgeted sales for May and June are $1,690,000 and $1,755,000, respectively. Collections are 35% in the month of sale and account receivable is expected to be 65% in the month following.
d. The projected merchandise inventory balance is 20% of the following month's sales. Sales for July are projected to be $1,850,000.
e. Purchases of inventory are paid; 70% in the month of purchase and 30% in the month following. Budgeted purchases for June are $1,050,000.
f. The Balance Sheet for May 31 shows equipment of $430,000 with accumulated depreciation of $24,000,
g. There is an outstanding loan balance of $900,000.
h. Accrued income taxes payable for June 30 are $75,000, and accrued salaries payable are $60,000
i. The only other balance sheet accounts are Common Stock, with a balance of $420,000 on May 31, and Retained Earnings with a balance of $105,000 on May 31.
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