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BARRETT COMPANY
Balance Sheet
December 31, 2016
Assets
Cash $20,000
Raw materials inventory $10,000
Equipment $40,000
Less: Accumulated depreciation $ 4,000 $36,000
Total assets $66,000
Liabilities and Stockholders Equity
Accounts payable $ 5,000
Notes payable $22,000
Total liabilities $27,000
Common stock $25,000
Retained earnings $14,000 $39,000
Total liabilities and stockholders equity $66,000
Instructions:
(a) Calculate budgeted cost of goods sold.
(b) Prepare a budgeted income statement for the year ending December 31, 2017.
(c) Prepare a budgeted balance sheet as of December 31, 2017.
Answer & Explanation
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