Question - Raymer Industries has the following projected account balances for June 30, 2013:
Accounts payable $78,000
Sales $1,143,000
Accounts receivable $115,000
Capital stock $750,000
Depreciation, factory $36,000
Retained earnings (5/31) $538,000
Inventories (5/31 & 6/30) $213,000
Cash $93,000
Direct materials used $231,000
Equipment, net $313,000
Office salaries $192,000
Buildings, net $948,000
Insurance, factory $37,000
Utilities, factory $119,000
Wages, factory $208,000
Selling expenses $113,000
Bonds payable $200,000
Maintenance, factory $91,000
Prepare the budgeted income statement for June 2013.
Prepare the budgeted balance sheet as of June 30, 2013.