TINS Electronics, Inc. Balance Sheet 12/31/2019 (In million of dollars) Current Assets Cash Accounts Receivable (Net) Inventories Prepaid Expenses $479 590 511 30 $1,610 $1,397 Property, Plant, and Equipment Less: accumulated depreciation Total Assets 462 935 $2,545 Current Liabilities Accounts Payable Accrued Income Taxes Other Accrued Liabilities $249 132 280 $661 Long-Term Debt Total Liabilities 143 804 Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Equity $356 1,385 1,741 $2,545 in millions of dollars) Sales Revenue $3,253 1,583 $1,670 Cost of goods sold Gross Profit Operating Expenses Marketing General and Administrative Research and Development Net Income before taxes $590 358 343 1291 $379 Provision for Income taxes 134 Net Income after taxes $245 The controller has also furnished you a number of assumptions, policies, and other information as follows: The company has made.acrasements to acquire property, plant, and equipment during the year for $339 million. Long-term debt will finance $18 million and cash will be used for the remainder. 2) All sales are on credit. Collections on credit sales for the year are budgeted for $3,218 million. 3) Several account balances are planned for changes a) Inventories will decrease by $15 million b) Other accrued liabilities will increase $ 70 million. c) Prepaid expenses will increase $10 million. Depreciation expense in the income statement totals $105 million. 5) Payments will be made on accounts payable, 52,682 million; and on accrued income taxes, $179 million 6) Common stock was sold to employees in a special stock purchase plan for $34 milion 71 Dividends of $29 million will be dedored and paid during the year. Required: Prepare a budgeted balance sheet, based on the results of the budget worksheet. Prepare any schedules needed to summarize the above information Present your work using Excel spreadsheet (Please be sure that your cells include equation, sumssts). This document will self-destruct in ... Never mind, nothing will happen to this document. Good luck, fun. TINS Electronics, Inc. Balance Sheet 12/31/2019 (In million of dollars) Current Assets Cash Accounts Receivable (Net) Inventories Prepaid Expenses $479 590 511 30 $1,610 $1,397 Property, Plant, and Equipment Less: accumulated depreciation Total Assets 462 935 $2,545 Current Liabilities Accounts Payable Accrued Income Taxes Other Accrued Liabilities $249 132 280 $661 Long-Term Debt Total Liabilities 143 804 Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Equity $356 1,385 1,741 $2,545 in millions of dollars) Sales Revenue $3,253 1,583 $1,670 Cost of goods sold Gross Profit Operating Expenses Marketing General and Administrative Research and Development Net Income before taxes $590 358 343 1291 $379 Provision for Income taxes 134 Net Income after taxes $245 The controller has also furnished you a number of assumptions, policies, and other information as follows: The company has made.acrasements to acquire property, plant, and equipment during the year for $339 million. Long-term debt will finance $18 million and cash will be used for the remainder. 2) All sales are on credit. Collections on credit sales for the year are budgeted for $3,218 million. 3) Several account balances are planned for changes a) Inventories will decrease by $15 million b) Other accrued liabilities will increase $ 70 million. c) Prepaid expenses will increase $10 million. Depreciation expense in the income statement totals $105 million. 5) Payments will be made on accounts payable, 52,682 million; and on accrued income taxes, $179 million 6) Common stock was sold to employees in a special stock purchase plan for $34 milion 71 Dividends of $29 million will be dedored and paid during the year. Required: Prepare a budgeted balance sheet, based on the results of the budget worksheet. Prepare any schedules needed to summarize the above information Present your work using Excel spreadsheet (Please be sure that your cells include equation, sumssts). This document will self-destruct in ... Never mind, nothing will happen to this document. Good luck, fun