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You are a manager for Peyton Approved, a pet supplies manufacturer...

You are a manager for Peyton Approved, a pet supplies manufacturer...

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Author: Jean Brunner
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You are a manager for Peyton Approved, a pet supplies manufacturer. This responsibility requires you to create budgets, make pricing decisions, and analyze the results of operations to determine

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You are a manager for Peyton Approved, a pet supplies manufacturer. This responsibility requires you to create budgets, make pricing decisions, and analyze the results of operations to determine if changes need to be made to make the company more efficient.
You will be preparing a budget for the quarter July through September 2014. You are provided the following information. The budgeted balance sheet at June 30, 2014, is:
 
Peyton Approved

Budgeted Balance Sheet

30-Jun-15

ASSETS

 
Cash

 
$42,000

 
Accounts receivable

 
259,900

 
Raw materials inventory

 
35,650

 
Finished goods inventory

241,080

 
Total current assets

 
578,630

 
Equipment

$720,000

 
 
Less accumulated depreciation

240,000

480,000

 
Total assets

 
$1,058,630

 
 
 
 
 
LIABILITIES AND EQUITY

 
Accounts payable

 
$63,400

 
Short-term notes payable

 
24,000

 
Taxes payable

 
10,000

 
Total current liabilities

 
97,400

 
Long-term note payable

 
300,000

 
     Total Liabilities

 
397,400

 
Common stock

$600,000

 
 
Retained earnings

    61,230

 
 
Total stockholders’ equity

 
661,230

 
Total liabilities and equity

$1,058,630


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