Acc206: Principles of Accounting 11

NAME:

CLASS ACC206: PRINCIPLES OF ACCOUNTING 11

Week Five Problems

Chapter 22, E 22-19

Chapter 22, P 22-22A

Chapter 23, P 23-28A

E22-19 Preparing a financial budget

Consider the following June actual ending balances and July 31, 2012, Budgeted amounts for :

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...