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Prepare a budgeted income statement

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Question - Rossi Company has the following projected account balances for June 30, 20X9:

Accounts payable $60,000

Sales $800,000

Accounts receivable $120,000

Capital stock $420,000

Depreciation, factory $24,000

Retained earnings ?

Inventories (5/31 & 6/30) $180,000

Cash $56,000

Direct materials used $210,000

Equipment, net $260,000

Office salaries $92,000

Buildings, net $400,000

Insurance, factory $4,000

Utilities, factory $16,000

Plant wages $140,000

Selling expenses $50,000

Bonds payable $160,000

Maintenance, factory $28,000

Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.

Reference no: EM131622176

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