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Dorah, the sole stockholder of Marshall Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at March 31, 2019 is as follows: Assets Cash Marshall Inc. Balance Sheet As at March 31, 2019 Accounts Receivable Equipment Accumulated Depreciation Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities $4,900 $16,900 $9,800 $-2,000 $29,600 $4,300 $12,300 $16,600 Stockholder's Equity $13,000 Total Liabilities & Stockholder's Equity $29,600 In the upcoming year, Dorah expects the following events to occur: • Total revenues of $26,000 and total expenses of $13,210 • 100% of accounts receivable from the prior year will be collected in the following year • Credit sales will represent 43% of revenues for the year • 100% of accounts payable owing from 2019 will be paid off in 2020 • By the end of March, 2020, Marshall will owe its suppliers $3,600 • No principal payments will be made on the bank loan during 2019 • Purchase of new equipment for $2,800. The entire purchase will be financed through a bank loan • Expect to have a cash balance of $23,300 at the end of fiscal 2020 • Depreciate assets by $590 during 2020

Dorah, the sole stockholder of Marshall Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at March 31, 2019 is as follows: Assets Cash Marshall Inc. Balance Sheet As at March 31, 2019 Accounts Receivable Equipment Accumulated Depreciation Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities $4,900 $16,900 $9,800 $-2,000 $29,600 $4,300 $12,300 $16,600 Stockholder's Equity $13,000 Total Liabilities & Stockholder's Equity $29,600 In the upcoming year, Dorah expects the following events to occur: • Total revenues of $26,000 and total expenses of $13,210 • 100% of accounts receivable from the prior year will be collected in the following year • Credit sales will represent 43% of revenues for the year • 100% of accounts payable owing from 2019 will be paid off in 2020 • By the end of March, 2020, Marshall will owe its suppliers $3,600 • No principal payments will be made on the bank loan during 2019 • Purchase of new equipment for $2,800. The entire purchase will be financed through a bank loan • Expect to have a cash balance of $23,300 at the end of fiscal 2020 • Depreciate assets by $590 during 2020

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Prepare Marshall Inc.'s budgeted balance sheet as at March 31, 2020. Assets Cash Accounts Receivable Marshall Inc. Budgeted Balance Sheet As at March 31, 2020 Equipment Accumulated Depreciation Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities $ FA $ FA $ FA $ $ to $ Stockholder's Equity $ Total Liabilities & Stockholder's Equity $ FA X X X X X X X × × X
Transcribed Image Text:Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Prepare Marshall Inc.'s budgeted balance sheet as at March 31, 2020. Assets Cash Accounts Receivable Marshall Inc. Budgeted Balance Sheet As at March 31, 2020 Equipment Accumulated Depreciation Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities $ FA $ FA $ FA $ $ to $ Stockholder's Equity $ Total Liabilities & Stockholder's Equity $ FA X X X X X X X × × X
Dorah, the sole stockholder of Marshall Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at March 31, 2019 is as follows: Assets Cash Marshall Inc. Balance Sheet As at March 31, 2019 Accounts Receivable Equipment Accumulated Depreciation Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities $4,900 $16,900 $9,800 $-2,000 $29,600 $4,300 $12,300 $16,600 Stockholder's Equity $13,000 Total Liabilities & Stockholder's Equity $29,600 In the upcoming year, Dorah expects the following events to occur: • Total revenues of $26,000 and total expenses of $13,210 • 100% of accounts receivable from the prior year will be collected in the following year • Credit sales will represent 43% of revenues for the year ● 100% of accounts payable owing from 2019 will be paid off in 2020 • By the end of March, 2020, Marshall will owe its suppliers $3,600 • No principal payments will be made on the bank loan during 2019 • Purchase of new equipment for $2,800. The entire purchase will be financed through a bank loan • Expect to have a cash balance of $23,300 at the end of fiscal 2020 • Depreciate assets by $590 during 2020
Transcribed Image Text:Dorah, the sole stockholder of Marshall Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at March 31, 2019 is as follows: Assets Cash Marshall Inc. Balance Sheet As at March 31, 2019 Accounts Receivable Equipment Accumulated Depreciation Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities $4,900 $16,900 $9,800 $-2,000 $29,600 $4,300 $12,300 $16,600 Stockholder's Equity $13,000 Total Liabilities & Stockholder's Equity $29,600 In the upcoming year, Dorah expects the following events to occur: • Total revenues of $26,000 and total expenses of $13,210 • 100% of accounts receivable from the prior year will be collected in the following year • Credit sales will represent 43% of revenues for the year ● 100% of accounts payable owing from 2019 will be paid off in 2020 • By the end of March, 2020, Marshall will owe its suppliers $3,600 • No principal payments will be made on the bank loan during 2019 • Purchase of new equipment for $2,800. The entire purchase will be financed through a bank loan • Expect to have a cash balance of $23,300 at the end of fiscal 2020 • Depreciate assets by $590 during 2020
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