Please assist with the last question below - Budgeted Balance Sheet / Liabilities and Stockholder's Equity. Thank you!!

Please assist with the last question below - Budgeted Balance Sheet / Liabilities and Stockholder's Equity. Thank you!!

Please assist with the last question below - Budgeted Balance Sheet / Liabilities and Stockholder's Equity. Thank you!!

Current Attempt in Progress Sheffield 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 3,250 units of finished goods on hand at December 31, 2025, the production budget shows 11,700 required units of output. The total unit cost of production is expected to be $18. Sheffield uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $4,550 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 $10,400 cash dividend. The company's cash budget shows an expected cash balance of $37,794 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 $11,700. A total of $4,100 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Sheffield expects to pay $10,400 on the outstanding notes oayable balance plus all interest due and payable to December 31 (included in interest expense $4,550, above). Accounts payable at December 31, 2025, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $9,360. Unpaid income taxes at December 31 will be $6,500. SHEFFIELD INDUSTRIES Budgeted Cost of Goods Sold For the Year Ending December 31, 2025 Finished Goods Inventory, 1/1/25 $31,200 Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Applied Cost of Goods Available For Sale Finished Goods Inventory, 12/31/25 Cost of Goods Sold $1,250 66,170 63,180 241,800 \begin{tabular}{|c|c|} \hline & 58,500 \\ \hline$ & 183,300 \\ \hline \end{tabular} SHEFFIELD INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2025 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income from Operations Interest Expense Income before Income Taxes Income Tax Expense Net Income / (Loss) $ 364,800 Prepare a retained earnings statement for 2025. (List items that increase retained earnings first.) Prepare a budgeted classified balance sheet at December 31, 2025. (List Current Assets in order of liquidity.) SHEFFIELD INDUSTRIES Budgeted Balance Sheet Assets $ $ $ $ Liabilities and Stockholders' Equity $ $ $