Question

Prepare a budgeted balance sheet for Eichler, Inc. for De Eichler, Inc. has the following balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Eichler 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 a box is not used in the equation leave the box empty: do not enter a zero. Abbreviations used.) Cash + A/R + RM Iny + FG Iny + Equip + (A/D) = A/P + S + + + * Data Table + + Dec 31, 2018 Sales on acct. Cash recpts. Purch. RM Pmts on acct. RM used Direct labor Mfg. OH Depr. COGS S and A + + Eichler, Inc. Balance Sheet December 31, 2018 Assets + + + Current Assets: Cash + 2,500 Purch, equip. S 900 Dec 31, 2019 100 1,050 Prepare a budgeted balance sheet for Eichler, Inc. for December 31, 2019. Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant, and Equipment: Equipment 4,550 * More Info X Eichler, Inc. Budgeted Balance Sheet December 31, 2019 Assets 10,000 (1.000) 9,000 Less: Accumulated Depreciation 13,550 Total Assets Current Assets: Liabilities Cash Accounts Receivable Current Liabilities: Accounts Payable 1.200 Sales on account. $27,000 Cash receipts from customers from sales on account, $19,500 Purchase of raw materials on account, $8,000 Payments on account. $5.500 Total cost of completed products, $16.600, which includes the following: Raw materials used. $6.700 Direct labor costs incurred and paid, S5,800 Manufacturing overhead costs incurred and paid. $3.600 Depreciation on manufacturing equipment, $500 Cost of goods sold. $16,500 Selling and administrative costs incurred and paid. $1.500 Purchase of equipment, paid in 2019. $1,700 Stockholders' Equity Common Stock, no par Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant, and Equipment Equipment Less: Accumulated Depreciation 9,000 3,350 Retained Earnings Total Stockholders' Equity 12,350 13,550 Total Liabilities and Stockholders' Equity Total Assets Print Done Print Done Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity

Answer 1

	Cash	A/R	RM Inv.	FG Inv	Equip	(A/D)	A/P	CS	RE
Dec 31, 2018	$                2,500	$               900	$                100	$             1,050	$      10,000	$                 -1,000	$            1,200	$            9,000	$       3,350
Sales		$         27,000							$     27,000
Cash Receipts	$             19,500	$       -19,500
Purch RM			$            8,000				$            8,000
Pmts on acct	$              -5,500						$          -5,500
RM Used			$          -6,700	$             6,700
Direct Labor	$              -5,800			$             5,800
Mfg OH	$              -3,600			$             3,600
Depr.				$                 500		$                     -500
COGS				$         -16,500					$   -16,500
S and A	$              -1,500								$     -1,500
Purch. Equip	$              -1,700				$        1,700
Dec 31, 2019	$                3,900	$           8,400	$            1,400	$             1,150	$      11,700	$                 -1,500	$            3,700	$            9,000	$     12,350

Balance Sheet
Assets
Current Assets
Cash	$           3,900
Accounts Receivable	$           8,400
Raw Material Inventory	$           1,400
Finished Goods Inventory	$           1,150
Total Current Assets		$          14,850
Non-Current assets
Property, Plant and Equipment
Equipment	$         11,700
Less Accumulated Depreciation-Equipment	$         -1,500	$          10,200
Total Assets		$          25,050
Liabilities & Stockholder's Equity
Current Liabilities
Accounts Payable	$           3,700
Total Current Liabilities		$            3,700
Stockholder's Equity
Common Stock	$           9,000
Retained Earnings	$         12,350
Total Stockholder's Equity		$          21,350
Total Liabilities & Stockholder's Equity		$          25,050