Prepare a budgeted balance sheet for Hornberg, 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.)
Prepare a budgeted balance sheet for Hornberg, 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) Hornberg, Inc. has the following balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Hornberg projects the following transactions for 2019: (Click the icon to view the transactions.) 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 an input field is not used in the equation leave the input field empty; do not enter a zero. Abbreviations used.) Cash + AIR + RM Inv. + FG Inv. + Equip. + (A/D) = A/P + + CS RE Dec 31, 2018 + + + More Info + + = + + Sales on acct. + + + + + = + + + + + + + = + + Cash recpts. Purch. RM Pmts on acct. + + + + + + + + + + + + + RM used + + + + + - + + Direct labor + + + + + + = + + + + + + + + + + + = + Mfg. OH Depr. COGS Sales on account, $27,000 Cash receipts from customers from sales on account, $19,500 Purchase of raw materials on account, $6,000 Payments on account, $2,000 Total cost of completed products, $14,200, which includes the following: Raw materials used, $6,200 Direct labor costs incurred and paid, $3,600 Manufacturing overhead costs incurred and paid, $3,700 Depreciation on manufacturing equipment, $700 Cost of goods sold, $15,200 Selling and administrative costs incurred and paid, $5,000 Purchase of equipment, paid in 2019, $1,500 + + + + + - + + + + + + + + + S and A + + + + + + Purch. equip + + + + + Dec 31, 2019 Choose from any list or enter any number in the input fields and then continue to the next question. ? Print Done Done Prepare a budgeted balance sheet for Hornberg, Inc. for December 31, 2019. Hornberg, Inc. Budgeted Balance Sheet December 31, 2019 Assets Current Assets Total Current Assets Property. Plant, and Equipment III Total Assets Liabilities Current Liabilities: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity 2.100 900 300 1.950 5.250 Homberg, Inc. Balance Sheet December 31, 2018 Assets Current Assets: Cash $ Accounts Receivable Raw Materials inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 14.000 (3.500) $ 10.500 18.750 1,500 9.000 5.250 14,250 15,750 Sales on account, $27,000 Cash receipts from customers from sales on account, $19,500 Purchase of raw materials on account, $6,000 Payments on account, $2,000 Total cost of completed products, $14,200, which includes the following: Raw materials used, $6,200 Direct labor costs incurred and paid, $3,600 Manufacturing overhead costs incurred and paid $3,700 Depreciation on manufacturing equipment, $700 Cost of goods sold, $15,200 Selling and administrative costs incurred and paid, $5,000 Purchase of equipment, paid in 2019, $1,500 Hornberg, Inc. has the following balance sheet at December 31, 2018: 6 Click the icon to view the balance sheet.) Hornberg projects the following transactions for 2019: (Click the icon to view the transactions.) Assets Current Assets: 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 ] uity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
