Question

Goldstein, Inc. has the following balance sheet at December 31, 2014:


Goldstein projects the following transactions for 2015:
Sales on account, $ 20,000
Cash receipts from customers from sales on account, $ 18,500
Purchase of raw materials on account, $ 6,000
Payments on account, $ 6,500
Total cost of completed products, $ 16,000, which includes the following:
Raw materials used, $ 6,200
Direct labor cost incurred and paid, $ 4,500
Manufacturing overhead costs incurred and paid, $ 4,800
Depreciation on manufacturing equipment, $ 500
Cost of goods sold, $ 16,500
Selling and administrative costs incurred and paid, $ 3,000
Purchase of equipment, paid in 2015, $ 2,000
Prepare a budgeted balance sheet for Goldstein, Inc. for December 31, 2015.


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  • CreatedJanuary 16, 2015
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