please use all the infomation to work on the problem D

CONCORD INDUSTRIES Balance Sheet December 31, 2024 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,680 units) Total current assets Property, Plant, and Equipment $44,800 Equipment Less: Accumulated depreciation 11,200 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity $44,800 Common stock Retained earnings 28,000 Total stockholders' equity Total liabilities and stockholders' equity 2025 CONCORD INDUSTRIES Budgeted Income Statement For the Year Ending December 31.2025 Selling and Administrative Expenses v Income from Operations Interest Expense Net Income / (Loss) CONCORD INDUSTRIES Budgeted Cost of Goods Sold For the Year Ending December 31, 2025 $8,400 82,320 26,880 117,600 33,600 $151,200 $28,000 50,400 78,400 72,800 $151,200 Total $307,200 70,000 57,008 54,432 84,000 65280 3920 49088 Finished Goods Inventory, 1/1/25 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 70000 57008 54432 26880 181440 208320 50400 157920 28000 49088 77088 8960 68128 (d) Prepare a budgeted classified balance sheet at December 31, 2025. (List Current Assets in order of liquidity.) CONCORD INDUSTRIES Budgeted Balance Sheet December 31, 2025 Assets Current Assets Cash Accounts Receivable Finished Goods Inventory Total Current Assets Property, Plant and Equipment Equipment Less v : Accumulated Depreciation Liabilities and Stockholders' Equity Sales budget (9,600 units at $32) Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses Quarter 4 $92,160 19,040 14,000 11,200 20,160 CONCORD INDUSTRIES Budgeted Retained Earnings Statement For the Year Ending December 31, 2025 Retained Earnings, 1/1/25 To meet sales requirements and to have 2,800 units of finished goods on hand at December 31, 2025, the production budget shows 10,080 required units of output. The total unit cost of production is expected to be $18. Concord uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,920 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 $8,960 cash dividend. The company's cash budget shows an expected cash balance of $28,848 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 $10,080. A total of $4,640 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Concord expects to pay $8,960 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,920, above). Accounts payable at December 31, 2025, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $8,064. Unpaid income taxes at December 31 will be $5,600. Add Less Net Income/ (Loss) Dividends Retained Earnings, 12/31/25 Total Assets Liabilities Accounts Payable Income Taxes Payable Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity