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.) 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.) 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 an input field is not used in the equation leave the input field empty, do not enter a zero. Abbreviations used.) Cash + AR + RM Inv. + FG Inv. Equio. + (AD) = A/P CS RE Dec 31, 2018 + + Enter any number in the edit fields and then click Check Answer Clear All Check Answer 14 parts remaining i Data Table X al ala Inc. hsact th ac -ant ran Berkson, Inc. Balance Sheet December 31, 2018 nting sed s and Assets Current Assets: Cash 2,300 800 Accounts Receivable Raw Materials Inventory 800 1,650 Finished Goods Inventory Total Current Assets 5,550 Property Plant and Enuinment: t field Print Done Chec i Data Table Inc hsa ch Total Current Assets 5,550 Property, Plant, and Equipment: Equipment san 10,000 (2,000) Less: Accumulated Depreciation 8,000 Total Assets 13,550 Liabilities Current Liabilities: Accounts Payable 1,400 Stockholders' Equity $ Common Stock, no par 8,000 4 150 nd Print Done i Data Table Less: Accumulated Depreciation (2,000) 8,000 Total Assets $ 13,550 Liabilities Current Liabilities: Accounts Payable $ 1,400 Stockholders' Equity Common Stock, no par $ 8,000 4,150 Retained Earnings Total Stockholders' Equity 12,150 Total Liabilities and Stockholders' Equity 13,550 Print Done i More Info Sales on account, $18,000 Cash receipts from customers from sales on account, $18,500 Purchase of raw materials on account, $2,500 Payments on account, $2,000 Total cost of completed products, $14,600, which includes the following: Raw materials used, $2,000 Direct labor costs incurred and paid, $5,800 Manufacturing overhead costs incurred and paid, $6,300 Depreciation on manufacturing equipment, $500 Cost of goods sold, $13,400 Selling and administrative costs incurred and paid, $2,000 Print Done 1 More Info Cash receipts from customers from sales on account, $18,500 Purchase of raw materials on account, $2,500 Payments on account, $2,000 Total cost of completed products, $14,600, which includes the following: Raw materials used, $2,000 Direct labor costs incurred and paid, $5,800 Manufacturing overhead costs incurred and paid, $6,300 Depreciation on manufacturing equipment, $500 Cost of goods sold, $13,400 Selling and administrative costs incurred and paid, $2,000 Purchase of equipment, paid in 2019, $1,900 Print Done 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.)