ASHFORD ACC206 WEEK 5 E22-19 P22-22A P23-28A

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 TEXTBOOK: ACCOUNTING 9E HORNGREN 
 E22-19 OLEANNS.COM 
 P22-22A Thumback Office Supply 
 P22-28A

 Preparing a financial budget Consider the following June actual ending balances and July 31, 2012, budgeted amounts for Oleans.com:
 a. June 30 inventory balance, $17,750
 b. July payments for inventory, $4,300
 c. July payments of accounts payable and accrued liabilities, $8,200
 d. June 30 accounts payable balance, $10,600
 e. June 30 furniture and fixtures balance, $34,500; accumulated depreciation balance, $29,830
 f. June 30 equity, $28,360
 g. July depreciation expense, $900
 h. Cost of goods sold, 50% of sales i. Other July expenses, including income tax, total $6,000, paid in cash
 j. June 30 cash balance, $11,400
 k. July budgeted credit sales, $12,700 l. June 30 accounts receivable balance, $5,140 m. July cash receipts, $14,200

and so on