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.

 

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