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Berkson, Inc. has the following balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Berkson projects the following transactions for 2019: (Click the icon to view the transactions.) Prepare a budgeted balance sheet for Berkson, 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.) 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 + AVR + RM Inv. + FG Inv. + Equip. + (A/D) = A/P + CS + RE Dec 31, 2018 + + + + + + + . X Data Table Berkson, Inc. Balance Sheet December 31, 2018 Assets Current Assets: Cash 2,500 Accounts Receivable 700 100 1,550 4,850 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 12,000 3,000) 9,000 $ 13,850 Total Assets Liabilities Current Liabilities: Accounts Payable 1,800 Print Done More Info Sales on account, $21,000 Cash receipts from customers from sales on account, $21,500 Purchase of raw materials on account, $3,000 Payments on account, $1,000 Total cost of completed products, $13,900, which includes the following: Raw materials used, $2,000 Direct labor costs incurred and paid $6,100 Manufacturing overhead costs incurred and paid, $5,200 Depreciation on manufacturing equipment, $600 Cost of goods sold, $15,200 Selling and administrative costs incurred and paid, $2,500 Purchase of equipment, paid in 2019, $1,700 Print Done

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