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Edwards Company has the following projected account balances for June 30, 2015:

Accounts payable   $40,000   Sales   $800,000
Accounts receivable   100,000   Capital stock   400,000
Depreciation, factory   24,000   Retained earnings   ?
Inventories (5/31 & 6/30)   180,000   Cash   56,000
Direct materials used   200,000   Equipment, net   240,000
Office salaries   80,000   Buildings, net   400,000
Insurance, factory   4,000   Utilities, factory   16,000
Plant wages   140,000   Selling expenses   60,000
Bonds payable   160,000   Maintenance, factory   28,000

Required:
a.   Prepare a budgeted income statement for June 2015.
b.   Prepare a budgeted balance sheet as of June 30, 2015.

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