(TCO 2) Rossi Company

(TCO 2) 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.