Berkson, Inc. has the following balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Berkson projects the following transactions for 2019: (Click the icon to view the transactions.) i Data Table Current Assets: Berkson, Inc. Balance Sheet December 31, 2018 Assets Cash 2,800 Accounts Receivable 1,200 Raw Materials Inventory 300 1,750 Finished Goods Inventory Total Current Assets $ 6,050 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Liabilities i More Info Prepare a budgeted balance sheet for Berkson, 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.) Sales on account, $25,000 Cash receipts from customers from sales on account, $16,400 Purchase of raw materials on account, $4,000 Payments on account, $2,000 Total cost of completed products, $12,700, which includes the following: Raw materials used, $2,000 Direct labor costs incurred and paid, $4,600 Manufacturing overhead costs incurred and paid, $5,500 Depreciation on manufacturing equipment, $600 Cost of goods sold, $12,600 Selling and administrative costs incurred and paid, $4,000 Purchase of equipment, paid in 2019, $1,500 12,000 (1,800) 10,200 $ 16,250 Abbreviations A/D Accounts Payable 1,800 A/P Stockholders' Equity A/R Common Stock, no par 5,000 Cash recpts. COGS 9,450 Retained Earnings CS 14,450 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Depr. $ 16,250 Equip. FG Inv. Mfg. OH 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 Pmts on acct. Payments on account Print Done Purch. equip. Purch. RM RE RM Inv. RM used Purchase of equipment Purchase of raw materials on account Retained Earnings Raw Materials Inventory Raw materials used S and A Selling and Administrative Sales on acct. Sales on account Xd is not used in the equation leave the input field