2) XYZ Company has provided balance sheet information for the year just ended, August 31, 2016:

Cash $40,000

Accounts receivable50,000

Building100,000

Accumulated depreciation(40,000)

Total assets$150,000

Accounts payable$30,000

Long-Term Loan70,000

Total liabilities100,000

Shareholders' Equity50,000

Total Liabilities & Shareholders' Equity$150,000

The company has also provided the following information for the upcoming year:

Revenue is expected to be $200,000 and net income is expected to be $40,000.

The company will pay $30,000 of cash dividends in the upcoming year.

Accounts receivable from the previous year will all be collected in the current year.

35% of revenue will remain uncollected at the end of the year.

100% of accounts payable owing at August 31, 2016 will be paid in the current year.

The company will owe $15,000 to suppliers at August 31, 2017.

The company will make the required principal payment of 10,000 on the bank loan during the year.

The company expects to have a cash balance of $30,000 at the end of the year.

Yearly depreciation expense of the building is $15,000.

Requirement: budgeted balance sheet for the upcoming year.

My ANSWER:

ASSET

cash 30000

accounts receivables 70000

Building 100000

depreciation -55000

TOTAL ASSET 145000

LIABILITIES

accounts payable 15000

long term 60000

TOTAL LIABILITIES 75000

share holders' equity 60000

Total liabilities & shareholder's equity 135000

$10000 is differing. Do I have to calculate cash balance? or keep the given 30000 in the answer. please help.