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Author Question: Russell Company has the following projected account balances for June 30, 2018: Accounts ... (Read 76 times)

abc

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on: Mar 6, 2021
Russell Company has the following projected account balances for June 30, 2018: 

Accounts payable$80,000Sales$1,600,000
Accounts receivable200,000Capital stock800,000
Depreciation, factory48,000Retained earnings?
Inventories (5/31 & 6/30)360,000Cash112,000
Direct materials used400,000Equipment, net480,000
Office salaries160,000Buildings, net800,000
Insurance, factory8,000Utilities, factory32,000
Plant wages280,000Selling expenses120,000
Bonds payable320,000Maintenance, factory56,000

Required:
a.Prepare a budgeted income statement for June 2018
b.Prepare a budgeted balance sheet as of June 30, 2018. 
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by abc on Mar 6, 2021

Joy Chen

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Reply #1 on: Mar 6, 2021
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abc

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Reply 2 on: Mar 6, 2021
Thanks for the timely response, appreciate it

ebonylittles

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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