j. The balance sheet as of December 31, 2019 is as follows

Assets

Cash $ 70,000 Accounts Receivable 512,000 Inventory: Raw Materials $ 12,500

Inventory: Finished Goods 82,000 94,500 Plant and Equipment $1,100,000

Less: Accumulated Depreciation (180,000) 920,000 Total Assets $1,596,500 Liabilities and Equity

Accounts Payable $ 27,500 Long-Term Notes payable 819,000 Common Shares 635,000 Retained Earnings 115,000 Total Liabilities and Shareholders Equity $1,596,500

Additional information is as follows

All cash payments except purchases of raw materials are made monthly as incurred All borrowings occur at the beginning of each month, and all repayments occur at the end of the month.

Ignore interest rates and income tax.

A minimum cash balance of $60,000 is required at the end of each month.