Prepare a budgeted balance sheet for Gutman, 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) Gutman, Inc. has the following balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Gutman projects the following transactions for 2019 (Click the icon to view the transactions.) – X + + + + 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 + AIR + RM Inv. + FG Inv. + Equip. + (AD) = A/P + CS + RE Dec 31, 2018 More Info Sales on acct Cash recpts. Purch. RM Sales on account, $18.000 Cash receipts from customers from sales on account. $18,300 Pmts on acct Purchase of raw materials on account, $2,000 Payments on account, $2,000 RM used Total cost of completed products, $13.550, which includes the following: Direct labor Raw materials used, $2.000 Direct labor costs incurred and paid $4,500 Mfg. OH Manufacturing overhead costs incurred and paid, $6,300 Depr. Depreciation on manufacturing equipment. $750 Cost of goods sold, $15,200 COGS Selling and administrative costs incurred and paid, $2,500 S and A Purchase of equipment, paid in 2019, S1,800 Purch equip Dec 31, 2019 Print Done + + + + + 1 Data Table Prepare a budgeted balance sheet for Gutman, Inc. for December 31, 2019. Gutman, Inc. Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Gutman, Inc. Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 2,900 1,300 200 1,750 Total Current Assets Property, Plant, and Equipment $ 6,150 15,000 (3,000) Total Assets 12,000 18,150 Liabilities $ Total Assets Current Liabilities: Liabilities Stockholders' Equity $ 1,700 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 5,000 11,450 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 16.450 $ 18,150 Total Liabilities and Stockholders' Equity Choose from any list or enter any number in the input fields and then contin
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