Barker, Inc. has the following balance sheet at 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.  

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BARKER, INC. Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 2,400 1,400 500 1,350 16,000 (1,500) $ 6,500 12,650 $ 5,650 14,500 $ 20,150 $ 1,000 19,150 $ 20,150