More Info Sales on account, $27,000 Cash receipts from customers from sales on account, $15,800 Purchase of raw materials on account, $6,000 Payments on account, $2,000 Total cost of completed products, $16,000, which includes the following: Raw materials used, $5,400 Direct labor costs incurred and paid, $4,500 Manufacturing overhead costs incurred and paid, $5,700 Depreciation on manufacturing equipment, $400 Cost of goods sold, $11,400 Selling and administrative costs incurred and paid, $3,500 Purchase of equipment, paid in 2019, $1,500 Print Done X Abbreviations A/D A/P A/R Cash recpts. COGS CS Depr. Equip. FG Inv. Mfg. OH Pmts on acct. Purch. equip. Purch. RM RE RM Inv. RM used S and A Accumulated Depreciation Accounts Payable Accounts Receivable Cash receipts from customers Cost of Goods Sold Common Stock Depreciation on manufacturing equipment Equipment Finished Goods Inventory Manufacturing Overhead Payments on account Purchase of equipment Purchase of raw materials on account Retained Earnings Raw Materials Inventory Raw materials used Selling and Administrative Sales on account Sales on acct. Print Done Fishkin, Inc. has the following balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Fishkin projects the following transactions for 2019: (Click the icon to view the transactions.) Prepare a budgeted balance sheet for Fishkin, Inc. for December 31, 2019. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Begin by completing the accounting equation for the 2019 transactions. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If a box is not used in the equation leave the box empty; do not enter a zero. Abbreviations used.) Cash + A/R + RM Inv. + FG Inv. + Equip. + (A/D) = A/P + CS + RE + + Dec. 31, 2018 Sales on acct. + + + + + + + + + + + Cash recpts. Purch. RM Pmts on acct. + + + + + + + + + + + + + + RM used + + + + + + + DONDITION + Direct labor + + + + + + Mfg. OH + + + + + + + + + + + + + + Depr. COGS + + + + + + + S and A + + + + + + + + + + + + + + Purch. equip. Dec. 31, 2019 Accounts Payable Accounts Receivable Cash Common Stock, no par Cost of Goods Sold Depreciation Expense Equipment Finished Goods Inventory Less: Accumulated Depreciation Raw Materials Inventory Retained Earnings Sales Revenue Selling and Administrative Expenses NJOUL Current Assets: Total Current Assets Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity i Data Table Fishkin, Inc. Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable 2,300 1,200 400 1,150 Raw Materials Inventory Finished Goods Inventory $ 5,050 Total Current Assets Property, Plant, and Equipment: Equipment 8,000 (1,000) 7,000 Less: Accumulated Depreciation $ 12,050 Total Assets Liabilities Current Liabilities: Accounts Payable $ 1,300 Stockholders' Equity Common Stock, no par 8,000 2,750 Retained Earnings Print Done