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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BERKSON, INC. Balance Sheet December 31, 2016 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods inventory Total Current Assets 2,100 900 900 1,650 5,550 Property, Plant, and Equipment: Equipment Less: Accurmulated Depreciation 17,000 3,500) 13,500 Total Assets S 19,050 Liabilities Current Liabilities: Accounts Payable S 1,400 Stockholders' Equity $7,000 Common Stock, no par Retained Earnings 10,650 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 17,650 19,050