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Norah, the sole stockholder of Marshall lnc., runs a homecleaning service in the suburb of a large city. Her balance sheet as at September 30,2019
Norah, the sole stockholder of Marshall lnc., runs a homecleaning service in the suburb of a large city. Her balance sheet as at September 30,2019 is as follows: Marshall Inc. Balance Sheet As at September 30, 2019 Assets Cash $4,000 Accounts Receivable $17,600 Equipment $9,600 Accumulated Depreciation $4,100 Total Assets $30,100 Liabilities Accounts Payable $2,600 Notes Payable $14,600 Total Liabilities $17,200 Stockholder's Equity $12,900 Total Liabilities 8: Stockholder's Equity $30,100 In the upcoming year, Norah expects the following events to occur: Total revenues of $29,000 and total expenses of $19,340 100% of accounts receivable from the prior year will be collected in the following year Credit sales will represent 45% of revenues for the year 100% of accounts payable owing from 2019 will be paid off in 2020 By the end of September, 2020, Marshall will owe its suppliers $3,900 No principal payments will be made on the bank loan during 2019 Purchase of new equipment for $1,700. The entire purchase will be financed through a bank loan Expect to have a cash balance of $20,500 at the end of fiscal 2020 Depreciate assets by $990 during 2020 Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Prepare Marshall Inc.'s budgeted balance sheet as at September 30, 2020. Marshall Inc. Budgeted Balance Sheet As at September 30, 2020 Assets Cash $ 20500 Accounts Receivable $ Equipment $ 11300 Accumulated Depreciation $ Total Assets $ Liabilities Accounts Payable Notes Payable Total Liabilities $ Stockholder's Equity Total Liabilities & Stockholder's Equity | $
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