Question: Berkson Inc has the following balance sheet at December 31

Berkson, Inc. has the following balance sheet at December 31, 2016:
Berkson projects the following transactions for 2017:
Sales on account, $21,000
Cash receipts from customers from sales on account, $15,800
Purchase of raw materials on account, $2,000
Payments on account, $2,000
Total cost of completed products, $15,150, which includes the following:
Raw materials used, $2,000
Direct labor costs incurred and paid, $5,800
Manufacturing overhead costs incurred and paid, $6,500
Depreciation on manufacturing equipment, $850
Cost of goods sold, $16,300
Selling and administrative costs incurred and paid, $1,000
Purchase of equipment, paid in 2017, $1,900
Prepare a budgeted balance sheet for Berkson, Inc. for December 31, 2017.

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