The following information is available from various budgets for the current period: Accounts Payable Salaries Payable Notes Payable Net Income Schedule of cash payments for purchases Schedule of cash payments for selling and administrative expenses Cash budget Budgeted income statement $47,000 8,000 37,000 74,000 The following balances are available from the balance sheet at the end of the previous year: Retained Earnings $15,000 What would be the amount of total liabilities on the budgeted balance sheet? OA. $92,000 OB. $166,000 OC. $181,000 OD. $89,000

The following information is available from various budgets for the current period: Accounts Payable Salaries Payable Notes Payable Net Income Schedule of cash payments for purchases Schedule of cash payments for selling and administrative expenses Cash budget Budgeted income statement $47,000 8,000 37,000 74,000 The following balances are available from the balance sheet at the end of the previous year: Retained Earnings $15,000 What would be the amount of total liabilities on the budgeted balance sheet? OA. $92,000 OB. $166,000 OC. $181,000 OD. $89,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 3P: Budgeted selling and administrative expenses for King Tire Co. In P7-2 for the year ended December...

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