The Sunstate Bank has asked Dell Printing Co. for a budgeted balance sheet for the year ended December 31 2016. The following information is available:
1. The cash budget shows an expected cash balance of $75000 at December 31 2016.
2. The 2016 sales budget shows total annual sales of $800000. All sales are made on account and accounts receivable at December 31 2016 are expected to be 10% of annual sales.
3. The merchandise purchases budget shows budgeted cost of goods sold for 2016 of $600000 and ending merchandise inventory of $95000. 20% of the ending inventory is expected to have not yet been paid at December 31 2016.
4. The December 31 2015 balance sheet includes the following balances: Equipment $294000 Accumulated Depreciation $122000 Common Stock $270000 and Retained Earnings $48000.
5. The budgeted income statement for 2016 includes the following: depreciation on equipment $15000 federal income taxes $21000 and net income $49000. The income taxes will not be paid until 2013.
6. In 2013 management does not expect to purchase additional equipment or to declare any dividends. It does expect to pay all operating expenses other than depreciation in cash.
Instructions
Prepare an unclassified budgeted balance sheet at December 31 2016.

Question

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The Answer of The Sunstate Bank has asked Dell Printing Co. for a budgeted balance sheet for the year ended December 31 2016. The following information is available:
1. The cash budget shows an expected cash balance of $75000 at December 31 2016.
2. The 2016 sales budget shows total annual sales of $800000. All sales are made on account and accounts receivable at December 31 2016 are expected to be 10% of annual sales.
3. The merchandise purchases budget shows budgeted cost of goods sold for 2016 of $600000 and ending merchandise inventory of $95000. 20% of the ending inventory is expected to have not yet been paid at December 31 2016.
4. The December 31 2015 balance sheet includes the following balances: Equipment $294000 Accumulated Depreciation $122000 Common Stock $270000 and Retained Earnings $48000.
5. The budgeted income statement for 2016 includes the following: depreciation on equipment $15000 federal income taxes $21000 and net income $49000. The income taxes will not be paid until 2013.
6. In 2013 management does not expect to purchase additional equipment or to declare any dividends. It does expect to pay all operating expenses other than depreciation in cash.
Instructions
Prepare an unclassified budgeted balance sheet at December 31 2016.

The Sunstate Bank Has Asked Dell Printing Co