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Lily Industries' balance sheet at December 3 1 , 2 0 2 4 , is presented below. Budgeted data for the year 2 0 2

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Lily Industries' balance sheet at December 31,2024, is presented below.
Budgeted data for the year 2025 include the following.
To meet sales requirements and to have 2,750 units of finished goods on hand at December 31,2025, the production budget shows
9,900 required units of output. The total unit cost of production is expected to be $18. Lily uses the first--in, first-out (FIFO) inventory
costing method. Interest expense is expected to be $3,850 for the year. Income taxes are expected to be 20% of income before income
taxes. In 2025, the company expects to declare and pay an $8,800 cash dividend.
The company's cash budget shows an expected cash bal ance of $27,704 at December 31,2025. All sales and purchases are on
account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the
following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following
quarter. Purchases in the fourth quarter were the same as the materials used. In 2025, the company expects to purchase additional
equipment costing $9,900. A total of $4,550 of depreciation expense on equipment is included in the budget data and split equally
between manufacturing overhead and selling and administrative expenses. Lily expects to pay $8,800 on the outstanding notes
December 31,2025, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of
$7,920. Unpaid income taxes at December 31 will be $5,500.
(d)
Prepare a budgeted classificd balance shect at December 31,2025,(List Current Assets in order of liquidity),
LILY INDUSTRIES
udgeted Balance Sheet
Assets
$
Assets
$
uarr
Liabilities and Stockholders' Equity
-
$
-
-
$
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