\To prepare Frame-It's budgeted balance sheet as of December 31, 20x1, you would need specific financial information about the company's assets, liabilities, and equity. Since no details are provided in the question, I'll provide a general outline of what should be included in a balance sheet:
1. Assets:
- Current Assets: These are short-term assets that can be easily converted into cash within a year. Examples include cash, accounts receivable, inventory, and prepaid expenses.
- Long-term Assets: These are assets with a longer useful life, such as property, plant, and equipment, investments, and intangible assets like patents or trademarks.
2. Liabilities:
- Current Liabilities: These are short-term obligations that need to be paid within a year. Examples include accounts payable, short-term loans, and accrued expenses.
- Long-term Liabilities: These are long-term obligations that extend beyond a year. Examples include long-term loans, mortgages, and bonds payable.
3. Equity:
- Shareholders' Equity: This represents the ownership interest in the company and can include common stock, preferred stock, retained earnings, and additional paid-in capital.
To create a budgeted balance sheet, you would estimate the values for each account based on the company's financial projections or budgeted figures for December 31, 20x1. It's important to note that the accuracy of the balance sheet relies on the accuracy of the budgeted figures.
Without specific financial information for Frame-It, it's not possible to provide a detailed budgeted balance sheet. It would be helpful to refer to the company's financial statements, projections, or consult with an accountant to obtain the necessary information and create an accurate budgeted balance sheet for Frame-It as of December 31, 20x1.