Barker, Inc. has the following balance sheet at December 31, 2018:
BARKER, INC.
Balance Sheet
December 31, 2018

Barker projects the following transactions for 2019:
Sales on account, $20,000
Cash receipts from customers from sales on account, $17,600
Purchase of raw materials on account, $7,000
Payments on account, $3,500
Total cost of completed products, $16,600, which includes the following:
Raw materials used, $7,100
Direct labor costs incurred and paid, $3,900
Manufacturing overhead costs incurred and paid, $4,800
Depreciation on manufacturing equipment, $800
Cost of goods sold, $14,800
Selling and administrative costs incurred and paid, $500
Purchase of equipment, paid in 2019, $2,000
Prepare a budgeted balance sheet for Barker, Inc. for December 31, 2019.
(It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.)

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Assets Current Assets: $ 2,400 Cash 1,400 Accounts Receivable Raw Materials Inventory 500 Finished Goods Inventory 1,350 $ 5,650 Total Current Assets Property, Plant, and Equipment: 16,000 Equipment Less: Accumulated Depreciation (1,500) 14,500 $ 20,150 Total Assets Liabilities Current Liabilities: $ 1,000 Accounts Payable Stockholders' Equity $ 6,500 Common Stock, no par 12,650 Retained Earnings Total Stockholders' Equity 19,150 $ 20,150 Total Liabilities and Stockholders' Equity