TINS (Thisisnotsiemens) Electronics, Inc. designs and manufactures measurement and computation products and systems used in a variety of organizations. Its principal products are integrated instruments and computer systems, with associated software; test and measurement instruments; medical electronic equipment and systems; and instrumentation and systems for chemical analysis.

As a member of budgeting team, your assignment, Jim, should you decide to accept it, is to prepare the budgeted balance sheet, based on information provided by other member of the team. The actual balance sheet for the end of 2019 follows:

TINS Electronics, Inc.
Balance Sheet
12/31/2019
(In million of dollars)
Current Assets
Cash	$479
Accounts Receivable (Net)	590
Inventories	511
Prepaid Expenses	30	$1,610
Property, Plant, and Equipment	$1,397
Less: accumulated depreciation	462	935
Total Assets		$2,545
Current Liabilities
Accounts Payable	$249
Accrued Income Taxes	132
Other Accrued Liabilities	280	$661
Long-Term Debt		143
Total Liabilities		804
Stockholders' Equity
Common Stock	$356
Retained Earnings	1,385	1,741
Total Liabilities and Equity		$2,545

Dan Briggs, another member of the team, has furnished you with the following budgeted income statement for the current year:

TINS Electronics, Inc.
Budgeted Income Statement
For the year ended December 31, 2020
(In millions of dollars)
Sales Revenue		$3,253
Cost of goods sold		1,583
Gross Profit		$1,670
Operating Expenses
Marketing	$590
General and Administrative	358
Research and Development	343	1,291
Net Income before taxes		$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:

1. The company has made arrangements 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.

1. Inventories will decrease by $15 million.
2. Other accrued liabilities will increase $70 million.
3. Prepaid expenses will increase $10 million.

4. Depreciation expense in the income statement totals $105 million.
5. Payments will be made on accounts payable, $2,682 million; and on accrued income taxes, $179 million.
6. Common stock was sold to employees in a special stock purchase plan for $34 million.
7. Dividends of $29 million will be declared and paid during the year.

Prepare a budgeted balance sheet, based on the results of the budget work sheet. Prepare any schedules needed to summarize the above information