1. Comprehensive budgeting
The balance sheet of Watson Company as of December 31, 20X1, follows.
WATSON COMPANY
Balance Sheet
December 31, 12X1
Assets
Cash $4,595
Accounts receivable 10,000
Finished goods (575 units x $7.00) 4,025
Direct materials (2,760 units x $0.50) 1,380
Plant
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