Dorah, the sole stockholder of Barnie Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at January 31, 2019 is as follows: Barnie Inc. Balance Sheet As at January 31, 2019 Assets Cash $4,600 Accounts Receivable $15,300 Equipment $9,000 Accumulated Depreciation $-2,400 Total Assets $26,500 Liabilities Accounts Payable $2,400 Notes Payable $12,100 Total Liabilities $14,500 Stockholder's Equity $12,000 Total Liabilities & Stockholder's Equity $26,500 In the upcoming year, Dorah expects the following events to occur: Total revenues of $26,000 and total expenses of $16,800 100% of accounts receivable from the prior year will be collected in the following year Credit sales will represent 40% of revenues for the year 100% of accounts payable owing from 2019 will be paid off in 2020 By the end of January, 2020, Barnie will owe its suppliers $3,700 No principal payments will be made on the bank loan during 2019 Purchase of new equipment for $1,500. The entire purchase will be financed through a bank loan Expect to have a cash balance of $20,600 at the end of fiscal 2020 Depreciate assets by $600 during 2020 Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Prepare Barnie Inc.'s budgeted balance sheet as at January 31, 2020. Barnie Inc. Budgeted Balance Sheet As at January 31, 2020 Assets Cash $Answer Accounts Receivable $Answer Equipment $Answer Accumulated Depreciation $Answer Total Assets $Answer Liabilities Accounts Payable $Answer Notes Payable $Answer Total Liabilities $Answer Stockholder's Equity $Answer Total Liabilities & Stockholder's Equity $Answer
Dorah, the sole stockholder of Barnie Inc., runs a home-cleaning service in the suburb of a large city. Her
Barnie Inc.
Balance Sheet
As at January 31, 2019
Assets
Cash $4,600
Equipment $9,000
Accumulated
Total Assets $26,500
Liabilities
Accounts Payable $2,400
Notes Payable $12,100
Total Liabilities $14,500
Total Liabilities & Stockholder's Equity $26,500
In the upcoming year, Dorah expects the following events to occur:
Total revenues of $26,000 and total expenses of $16,800
100% of accounts receivable from the prior year will be collected in the following year
Credit sales will represent 40% of revenues for the year
100% of accounts payable owing from 2019 will be paid off in 2020
By the end of January, 2020, Barnie will owe its suppliers $3,700
No principal payments will be made on the bank loan during 2019
Purchase of new equipment for $1,500. The entire purchase will be financed through a bank loan
Expect to have a cash balance of $20,600 at the end of fiscal 2020
Depreciate assets by $600 during 2020
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for negative values.
Prepare Barnie Inc.'s budgeted balance sheet as at January 31, 2020.
Barnie Inc.
Budgeted Balance Sheet
As at January 31, 2020
Assets
Cash $Answer
Accounts Receivable $Answer
Equipment $Answer
Accumulated Depreciation $Answer
Total Assets $Answer
Liabilities
Accounts Payable $Answer
Notes Payable $Answer
Total Liabilities $Answer
Stockholder's Equity $Answer
Total Liabilities & Stockholder's Equity $Answer
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