BLOSSOM INDUSTRIES Balance Sheet December 31, 2019 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 26,190 107,190 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $40,580 10,980 29,600 Total assets $136,790 Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $26,260 46,550 72,810 Total liabilities Stockholders' Equity Common stock $38,510 25,470 Retained earnings Total stockholders' equity 63,980 Total liabilities and stockholders' equity $136,790 Budgeted data for the year 2020 include the following 2020 Quarter 4 Total Sales budget (8,000 units at $32) Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses $76,800 $256,000 62,500 50,900 48,600 75,000 14,080 12,500 10,000 15,320 Prepare a budgeted classified balance sheet at December 31, 2020. (List Current Assets in orde BLOSSOM INDUSTRIES Budgeted Balance Sheet December 31, 2020 Current Assets Cash Accounts Receivable Finished Goods Inventory Total Current Assets Property, Plant and Equipment Equipment Less Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Income Taxes Payable Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity BLOSSOM INDUSTRIES Balance Sheet December 31, 2019 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 26,190 107,190 Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation $40,580 10,980 29,600 Total assets $136,790 Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $26,260 46,550 72,810 Total liabilities Stockholders' Equity Common stock $38,510 25,470 Retained earnings Total stockholders' equity 63,980 Total liabilities and stockholders' equity $136,790 Budgeted data for the year 2020 include the following 2020 Quarter 4 Total Sales budget (8,000 units at $32) Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses $76,800 $256,000 62,500 50,900 48,600 75,000 14,080 12,500 10,000 15,320 Prepare a budgeted classified balance sheet at December 31, 2020. (List Current Assets in orde BLOSSOM INDUSTRIES Budgeted Balance Sheet December 31, 2020 Current Assets Cash Accounts Receivable Finished Goods Inventory Total Current Assets Property, Plant and Equipment Equipment Less Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Income Taxes Payable Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity
