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

Cash $40,000

Accounts receivable 50,000

Building 100,000

Accumulated depreciation (40,000)

Total assets $150,000

Accounts payable $30,000

Long-Term Loan 70,000

Total liabilities 100,000

Shareholders' Equity 50,000

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.

Required: Prepare a budgeted balance sheet for the upcoming year.

my answer:

Assets
Cash	30000
Accounts Receivables	70000
Building	100000
Accumulated Depreciation	-55000
	145000
Liabilities
Accounts Payable	15000
Long Term Loan	60000
Total Liabilities	75000
Share holders' Equity	60000
Total liabilites & shareholders' equity	135000

$10000 is differing. Can't understand why? Do I have to calculate cash balance?

Thank YOu