Charles Cocoa Corporation (CCC) has gathered the following data pertaining to the preparation of its 2020 budgeted balance sheet:

• Accounts receivable is typically 3% of sales revenue.
• The company has always maintained a cash balance of $57,000.
• CCC has budgeted $125,000 to purchase new machinery for 2020. CCC does not expect to sell any existing machinery. The purchase of machinery will be financed entirely through a note payable.
• Depreciation expense for 2020 is expected to amount to $5,000.
• Total budgeted revenue is $200,000 and total budgeted expenses is $150,000.
• Accounts payable is typically 20% of current year expenses.

A selection of CCCs December 31, 2019 balances are as follows

Capital Assets 100,000

Accumulated Depreciation 2,500

Notes Payable 0

Stockholders Equity 75,500

Prepare a budgeted balance sheet for December 31, 2020.

Charles Cocoa Corporation Budgeted Balance Sheet As at December 31, 2020
Assets
Cash
Accounts Receivable
Capital Assets
Accumulated Depreciation
total Assets
liabilities
Accounts Payable
Notes Payable
total liabilities
Stockholder's equity
total liabilities and Stockholder's equity