facturing 1. 3rd Qtr. DM purchases $15,600 T The Gavin Tire Goppany manufactures racing tires for bicycles. avin sells ties for $70 cach. Gavin s plaoning for the next year by developing a master bodget by quarters Gavin's balance sheet for December 31, 2018, folliows 4th Qtr total cash pevts. (before nterest) $60,810 GAVIN TIRE COMPANY Balance Sheet 21, 2018 Current Assets 20,000 30,000 Accounts Receivable Raw Materias Inventory Finished Goods Inventory Total Current Assets 3,000 63,800 Property, Plant, and Equipmet 168,000 (quipment Less: Accumulated Depreciation 0000 13.00 Total Asvets 192.800 Liabilities Current Liabilities Accounts Payable s 16,000 Stockholders' Equity 130,000 46,800 Common Stock, no par Retained Earnings 176.800 Total Stockholders Equity Total Liabilities and Stockholders' Equity Other data for Gavin Tire Company: a. Budgeted sales are 1,000 tires for the first quarter and expected to increase by 200 tires remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2018, consists of 300 tires at $36 each. nd by Brocke Cosleb