You have the following data concerning a company:

Ending cash balance: 40 000 $

Decembers sales : 120 000$; sales are collected 50% in cash and 50% in credit

Ending Inventory for finished goods : 5 000 units

Budgeted manufacturing cost per unit : 15$

Ending Inventory for raw materials : 2000 units

Budgeted cost for RM : 6 $

Decembers raw materials purchases: 10 000$ paid 70% in cash and 30% in credit the next month.

All other expenses are paid in cash

Budgeted income statement shows a net income of : 42 000$

Retained earnings beginning balance : 220 000

Dividend paid : 20 000$

Share capital : 150 000 $

Long term loan : 110 000 $

Prepare the budgeted balance sheet