Managerial Accounting: P22-38 Use the following June actual ending balances (Ollies)

Managerial Accounting
P22-38 Preparing an financial budget - budgeted balance sheet
Use the following June actual ending balances and July 31, 2016, budgeted amounts for Ollies to prepare a budgeted balance sheet for July 31, 2016.
a. June 30 Merchandise Inventory balance, $17,760
b. July purchase of Merchandise Inventory, $4,600, paid in cash
c. July payments of Accounts Payable, $8,700
d. June 30 Accounts Payable balance, $10,500
e. June 30 Furniture and Fixtures balance, $34,300; Accumulated Depreciation balance, $29,820
f. June 30 total stockholders’ equity balance, $28,120
g. July Depreciation Expense, $800
h. Cost of Goods Sold, 60% of sales
i. Other July expenses, including income tax, $5,000, paid in cash
j. June 30 Cash balance, $11,200
k. July budgeted sales, all on account, $12,200
l. June 30 Accounts Receivable balance, $5,180
m. July cash receipts from collections on account, $14,600

Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.
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