Bassani has the following balance sheet at Dec 31, 2016 Bassani, Inc Balance Sheet December 31, 2016 Assets Current Assets Cash $2,600 Accounts Receivable 1,100 Raw Materials Inventory 600 Finished Goods Inventory 2,050 Total Current Assets $6,350 Property, Plant, and Equipment Equipment 16,000 Less Accumulated Depreciation (4,500) 11,500 Total Assets $ 17,850 Liabilities Current Liabilities Accounts Payable $2,000 Stockholders' Equity Common Stock, no par $8,000 Retained Earnings 7,850 Total Stockholders' Equity 15,850 Total Liabilities and Stockholders' Equity $ 17,850 Bassani projects the following transcactions for 2017 Sales on account, $25,000 Cash receipts from customers from sales on account, $18,300 Purchase of raw materials on account, $2,500 Payments on account, $4,400 Total cost of completed products, $11,400, which includes the following Raw materials used,$2,500 Direct labor costs incurred and paid, $3,600 Manufacturing overhead costs incurred and paid,$4,500 Depreciation on manufacturing equipment, $800 Cost of goods sold,$13,400 Selling and administrative costs incurred and paid,$4,000 Purchase of equipment, paid in 2017, $2,400 a ) Please complete the accounting equation for the 2017 transactions Cash A R RM Inv FG Inv Equip (A D) A P CS RE Dec 31, 2016 Sales on acct Cash recpts Purch RM Pmts on acct RM used Direct labor Mfg OH Depr COGS S and A Purch equip Dec 31, 2017 b) Please Prepare a budgeted balance sheet for Bassani, Inc for December 31, 2017 Goldblum, Inc Budgeted Balance Sheet December 31, 2017 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 Liabilities Current Liabilities Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity

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Posted on Aug 15, 2024

Bassani has the following balance sheet at Dec. 31, 2016

Bassani, Inc.
Balance Sheet
December 31, 2016
Assets
Current Assets:
Cash	$2,600
Accounts Receivable	1,100
Raw Materials Inventory	600
Finished Goods Inventory	2,050
Total Current Assets		$6,350
Property, Plant, and Equipment:
Equipment	16,000
Less: Accumulated Depreciation	(4,500)	11,500
Total Assets		$17,850

Liabilities
Current Liabilities:
Accounts Payable		$2,000
Stockholders' Equity
Common Stock, no par	$8,000
Retained Earnings	7,850
Total Stockholders' Equity		15,850
Total Liabilities and Stockholders' Equity		$17,850

Bassani projects the following transcactions for 2017.

Sales on account, $25,000
Cash receipts from customers from sales on account, $18,300
Purchase of raw materials on account, $2,500
Payments on account, $4,400
Total cost of completed products, $11,400, which includes the following:
	Raw materials used,$2,500
	Direct labor costs incurred and paid, $3,600
	Manufacturing overhead costs incurred and paid,$4,500
	Depreciation on manufacturing equipment, $800
Cost of goods sold,$13,400
Selling and administrative costs incurred and paid,$4,000
Purchase of equipment, paid in 2017, $2,400

a ) Please complete the accounting equation for the 2017 transactions:

Cash

A/R

RM Inv.

FG Inv.

Equip.

(A/D)

A/P

Dec. 31, 2016

Sales on acct.

Cash recpts.

Purch. RM

Pmts on acct.

RM used

Direct labor

Mfg. OH

Depr.

COGS

S and A

Purch. equip.

Dec. 31, 2017

b) Please Prepare a budgeted balance sheet for

Bassani,Inc. for December 31, 2017.

Goldblum, Inc.
Budgeted Balance Sheet
December 31, 2017
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

Liabilities
Current Liabilities:
Accounts Payable
Stockholders' Equity
Common Stock, no par
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity