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Goldstein, Inc. has the following balance sheet at December 31, 2018 (Click the icon to view the balance sheet.) Goldstein projects the following transactions for 2019 (Click the icon to view the transactions) Prepare a budgeted balance sheet for Goldstein, Inc for December 31, 2019 (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account) i Data Table Goldstein, Inc. Balance Sheet December 31, 2018 Assets Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory 2,000 1,500 400 1,750 Total Current Assets $ 5,650 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 9,000 (2,300) 6,700 $ 12,350 Total Assets Liabilities Current Liabilities: Print Done i Data Table -X Accounts Receivable 1,500 Raw Materials Inventory Finished Goods Inventory 400 1,750 Total Current Assets $ 5,650 Property, Plant, and Equipment: Equipment 9,000 (2,300) Less: Accumulated Depreciation 6,700 $ 12,350 Total Assets Liabilities Current Liabilities: Accounts Payable $ 1,800 Stockholders' Equity Common Stock, no par $ 6,000 4,550 Retained Earnings Total Stockholders' Equity 10,550 $ 12,350 Total Liabilities and Stockholders' Equity Print Done i More Info - X Sales on account, $28,000 Cash receipts from customers from sales on account, $18,500 Purchase of raw materials on account, $8,000 Payments on account, $4,400 Total cost of completed products, $16,650, which includes the following: Raw materials used, $6,500 Direct labor costs incurred and paid, $4,500 Manufacturing overhead costs incurred and paid $5,200 Depreciation on manufacturing equipment, $450 Cost of goods sold, $17.900 Selling and administrative costs incurred and paid, $1,000 Purchase of equipment, paid in 2019, $2,300 Print Done Begin by completing the accounting equation for the 2019 transactions. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If a box is not used in the equation leave the box empty, do not enter a zero Abbreviations used) Cash AR + + RM Iny. + FG Inv Equip + (AD) RE AP CS Dec 31, 2018 + Sales on acct + Cash rocpts Purch RM Pmts on acct + + RM used Direct labor MIO. OH Dopr COGS S and A MOOH Depr COGS S and A + Purch equip Dec 31, 2010 Prepare a budgeted balance sheet for Goldstein, Inc. for December 31, 2019. Goldstein, Inc. Budgeted Balance Sheet December 31, 2019 Assets Current Assets > > Total Current Assets Property, Plant, and Equipment Total Assets Total Current Assets Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
