Barker projects the following transactions for 2019: Sales on account, $20,000 Cash receipts from customers from sales on account, $17,600 Purchase of raw materials on account, $7,000 Payments on account, $3,500 Total cost of completed products, $16,600, which includes the following: Raw materials used, $7,100 Direct labor costs incurred and paid, $3,900 Manufacturing overhead costs incurred and paid,$4,800 Depreciation on manufacturing equipment, $800 Cost of goods sold, $14,800 Selling and administrative costs incurred and paid, $500 Purchase of equipment, paid in 2019, $2,000 Prepare a budgeted balance sheet for Barker, Inc. for December 31, 2019 FG inventory $ 3,150 Barker, Inc. has the following balance sheet at December 31, 2018 Barker Co Post-Closing Trial Balace 31-Dec-18 Accounts DebitCreditCash 2,400 Accounts Receivable 1,400 Raw Materials Inventory 500 Finished Goods Inventory 1,350 Total Current Assets 5,650Property Plant Equipment Equipment 16,000 Accumulated Depreciation - 1,500 14,500Total Assets 20,150 Accounts Payable 1000 Common Stock $6,500 Retained Earnings 12,650 Total Stockholder Equity 19,150Total Liability & Stockholder Equity $20,150

Prepare a budgeted balance sheet for Barker, Inc.

Answered: Barker projects the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Barker projects the following transactions for 2019:
Sales on account,	$20,000
Cash receipts from customers from sales on account,	$17,600
Purchase of raw materials on account,	$7,000
Payments on account,	$3,500
Total cost of completed products, $16,600, which includes the following:
Raw materials used,	$7,100
Direct labor costs incurred and paid,	$3,900
Manufacturing overhead costs incurred and paid,	$4,800
Depreciation on manufacturing equipment,	$800
Cost of goods sold,	$14,800
Selling and administrative costs incurred and paid,	$500
Purchase of equipment, paid in 2019,	$2,000




Prepare a budgeted balance sheet for Barker, Inc. for December 31, 2019

FG inventory	$ 3,150

Barker, Inc. has the following balance sheet at December 31, 2018

Barker Co
Post-Closing Trial Balace
31-Dec-18

Accounts		Debit	Credit
Cash		2,400
Accounts Receivable		1,400
Raw Materials Inventory		500
Finished Goods Inventory		1,350
Total Current Assets			5,650
Property Plant Equipment
Equipment		16,000
Accumulated Depreciation		- 1,500
			14,500
Total Assets			20,150

Accounts Payable			1000


Common Stock		$6,500
Retained Earnings		12,650
Total Stockholder Equity			19,150
Total Liability & Stockholder Equity			$20,150

Expert Solution

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions