Barnie Inc. Balance Sheet As at August 31, 2019 Assets Cash $5,200 Accounts Receivable Equipment Accumulated Depreciation Total Assets $18,600 $8,400 $-2,600 $29,600 Liabilities Accounts Payable $4,400 Notes Payable $11,800 Total Liabilities $16,200 Stockholder's Equity $13,400 Total Liabilities & Stockholder's Equity $29,600 In the upcoming year, Norah expects the following events to occur Total revenues of $26,000 and total expenses of $12,990 100% of accounts receivable from the prior year will be collected in the following year Credit sales will represent 55% of revenues for the year 100% of accounts payable owing from 2019 will be paid off in 2020 By the end of August, 2020, Barnie will owe its suppliers $3,300 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 loa Expect to have a cash balance of $22,300 at the end of fiscal 2020 Depreciate assets by $890 during 2020 . Barnie Inc. Budgeted Balance Sheet As at August 31, 2020 Assets Cash Accounts Receivable $ Equipment $ Accumulated Depreciation $ Total Assets LA Liabilities Accounts Payable $ Notes Payable LA Total Liabilities $ Stockholder's Equity UA Total Liabilities & Stockholder's Equity $