Question

To prepare a budgeted balance sheet as of December 21,2012, the data is needed from the:

Answer 1

To prepare a budgeted balance sheet, data is needed from various sources including income statements, accounts receivable/payable records, inventory records, fixed asset records, and bank statements.

Step-by-step explanation:

To prepare a budgeted balance sheet as of December 21, 2012, the data needed is typically obtained from various sources including financial records, statements, and reports. The key sources of data for a budgeted balance sheet include:

1. Income statement: This provides information on revenues, expenses, and net income for a specific period of time, which is necessary for determining retained earnings.
2. Accounts receivable and accounts payable records: These records provide details on the amounts owed by customers and creditors, which affect the asset and liability sections of the balance sheet.
3. Inventory records: These records help determine the value of inventory, which is categorized as an asset on the balance sheet.
4. Fixed asset records: These records provide information on the value and depreciation of fixed assets such as buildings, equipment, and vehicles.
5. Bank statements: These documents help determine the cash and cash equivalents owned by the company, which are also listed as assets on the balance sheet.

By gathering data from these sources, you can create a budgeted balance sheet that reflects the financial position of the company as of December 21, 2012.