12. Using the information contained in the case and the previous budgets, prepare a budgeted balance sheet for Sweats Galore for the year ended December 31, 2008. SWEATS GALORE Budgeted Balance Sheet December 31, 2008 Assets Cash Accounts receivable Sweatshirt Inventory Equipment Less: Accumulated depreciation Total Assets Liabilities and Owner's Equity Accounts payable Notes payable Interest payable Taxes payable Total liabilities Michael Woods, Capital Total liabilities and owner's equity 9