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Dorah, the sole stockholder of Barnie Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at January 31,

Dorah, the sole stockholder of Barnie Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at January 31, 2019 is as follows:

Barnie Inc. Balance Sheet As at January 31, 2019
Assets
Cash $4,600
Accounts Receivable $15,300
Equipment $9,000
Accumulated Depreciation $-2,400
Total Assets $26,500
Liabilities
Accounts Payable $2,400
Notes Payable $12,100
Total Liabilities $14,500
Stockholder's Equity $12,000
Total Liabilities & Stockholder's Equity $26,500

In the upcoming year, Dorah expects the following events to occur:

  • Total revenues of $26,000 and total expenses of $16,800
  • 100% of accounts receivable from the prior year will be collected in the following year
  • Credit sales will represent 40% of revenues for the year
  • 100% of accounts payable owing from 2019 will be paid off in 2020
  • By the end of January, 2020, Barnie will owe its suppliers $3,700
  • No principal payments will be made on the bank loan during 2019
  • Purchase of new equipment for $1,500. The entire purchase will be financed through a bank loan
  • Expect to have a cash balance of $20,600 at the end of fiscal 2020
  • Depreciate assets by $600 during 2020

Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Prepare Barnie Inc.'s budgeted balance sheet as at January 31, 2020.

Barnie Inc. Budgeted Balance Sheet As at January 31, 2020
Assets
Cash

$Answer

Accounts Receivable

$Answer

Equipment

$Answer

Accumulated Depreciation

$Answer

Total Assets

$Answer

Liabilities
Accounts Payable

$Answer

Notes Payable

$Answer

Total Liabilities

$Answer

Stockholder's Equity

$Answer

Total Liabilities & Stockholder's Equity

$Answer

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