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

$-$

$

$-$

$-$

$