8 Harari, Inc. has the following balance sheet at December 31, 2024 (Click the icon to view the balance sheet.) Harari projects the following transactions for 2025 2(Click the icon to view the transactions) Prepare a budgeted balance sheet for Harari, Inc for December 31, 2025 (Hint. It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account) Begin by completing the accounting equation for the 2025 transactions. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave the input field empty do not enter a zero. Abbreviations used) Cash + A/R + RM Inv. + FG Inv. + Equip. + (AJD) = A/P CS RE + + + + + I! + + + + + + + + + + 11 Dec 31, 2024 Sales on acct. Cash recpts Purch. RM Pmts on acct RM used Direct labor + + + + + 11 + + + + + + + + + + + 11 Mfg. OH + + + Depr. 11 COGS + + + + S and A + Il Purch equip Il Dec 31, 2025 Prepare a budgeted balance sheet for Harari, Inc. for December 31, 2025. Harari, Inc. Budgeted Balance Sheet December 31, 2025 Assets Current Assets (1) (2) (3) (4) Total Current Assets Property. Plant, and Equipment (5) (6) Total Assets Liabilities Current Liabilities: Stockholders' Equity (8) (9) Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1: Data Table Harari, Inc. Balance Sheet December 31, 2024 Assets Current Assets: $ 3,000 Cash 1,200 Accounts Receivable 400 Raw Materials Inventory 1,150 Finished Goods Inventory $ 5,750 Total Current Assets Property, Plant, and Equipment: 9,000 Equipment (2.000) 7,000 Less: Accumulated Depreciation $ 12,750 Total Assets 3/5/2021, 12:28 AM Liabilities Current Liabilities: Accounts Payable $ 1,900 Stockholders' Equity Common Stock, no par $ 9,000 1,850 Retained Earnings 10.850 Total Stockholders' Equity $ 12.750 Total Liabilities and Stockholders' Equity 2: More Info a. b. c. Sales on account, $25,000 Cash receipts from customers from sales on account, $18,300 Purchase of raw materials on account, $2,000 Payments on account, $1,000 Total cost of completed products, $12,550, which includes the following: Raw materials used, $2.000 d. Direct labor costs incurred and paid $5,400 Manufacturing overhead costs incurred and paid, $4,700 Depreciation on manufacturing equipment, $450 Cost of goods sold, $11,400 Selling and administrative costs incurred and paid, $4,000 Purchase of equipment, paid in 2025, $2,500 f. g. h. 3: Abbreviations A/D A/P A/R Cash recpts. COGS CS Depr. Equip. FG Inv. Mfg. OH Pmts on acct. Purch. equip Purch. RM RE RM Inv. RM used S and A Sales on acct. Accumulated Depreciation Accounts Payable Accounts Receivable Cash receipts from customers Cost of Goods Sold Common Stock Depreciation on manufacturing equipment Equipment Finished Goods Inventory Manufacturing Overhead Payments on account Purchase of equipment Purchase of raw materials on account Retained Earnings Raw Materials Inventory Raw materials used Selling and Administrative Sales on account