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Fashion Company has the following projected account balances for April 30, 2015:Accounts ...

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Fashion Company has the following projected account balances for April 30, 2015:Accounts ...

Fashion Company has the following projected account balances for April 30, 2015:

Accounts payable   $20,000   Sales   $400,000
Accounts receivable   50,000   Capital stock   200,000
Amortization, factory   12,000   Retained earnings   ?
Inventories (3/31 & 4/30)   90,000   Cash   28,000
Direct materials used   100,000   Equipment, net   120,000
Office salaries   40,000   Buildings, net   200,000
Insurance, factory   2,000   Utilities, factory   8,000
Plant wages   70,000   Selling expenses   30,000
Bonds payable   80,000   Maintenance, factory   14,000

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

Textbook

Cost Accounting: A Managerial Emphasis, Canadian Edition

Edition: 7^th

Authors: Horngren, Datar, Rajan, Beaubien

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