Goldblum, Inc. Balance Sheet December 31, 2018 Assets Current Assets: Cash 2,700 Accounts Receivable 1.200 Raw Materials Inventory 900 1,250 Finished Goods Inventory Total Current Assets 6,050 Property, Plant, and Equipment: Equipment 18,000 (3,000) Less: Accumulated Depreciation 15,000 $ 21,050 Total Assets Liabilities Current Liabilities: Accounts Payable $ 1,700 Stockholders' Equity Common Stock, no par 9,000 10,350 Retained Earnings Sales on account, $27,000 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, $12,000, which includes the following: Raw materials used, $2,000 Direct labor costs incurred and paid, $5,400 Manufacturing overhead costs incurred and paid, $3,700 Depreciation on manufacturing equipment, $900 Cost of goods sold, $11,400 Selling and administrative costs incurred and paid, $3,000 Purchase of equipment, paid in 2019, $2,500 COGS Dec. 31, 2019 S and A Purch. equip. Depr. Mfg. OH Direct labor RM used Pmts on acct. Purch. RM Cash recpts. Sales on acct. Dec. 31, 2018 C Cash + + + + + + + + + + + + + + + + A/R + + + + + + + + + + + + + RM Inv. + + + + + + + + + + + + + + MINIIIIINNNNN mninindigninni LILLE DOIIIIIIIIIII: FG Inv. + + + + + + + + + + + + Equip. + + + + + + + + + + + + + (A/D) = A/P + + + + + + + + + + + + cs + + + + + + + + + + + + + + RE Prepare a budgeted balance sheet for Goldblum, Inc. for December 31, 2019. Goldblum, Inc. Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Total Current Assets Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity