Answer Happy

1. Lumberton Company has the following projected account balancen for June 30, 2020 $20,000 50.000 S400.000 200,000 2727 12.000 Accounts payable Accounts receivable Depreciation, factory Inventaries (5/31) loventories (6/30) Materials used 90,000 14,000 Sales Capital stock Retained rings Maintenance, factory Cash Equipment, net Buildings, net Utilities, factory 90,000 100,000 28.00 120,000 40,000 200,000 2,000 8,000 Office expenses Insurance, factory Factory wages Bonds payable 70,000 Selling expenses 30,000 80,000 Required: a. Prepare a budytted income statement for June 2020