Peoples Bank has asked HQ Company for a budgeted balance sheet for the year ended December 31, 2020. The following information in watable 1 2. 3 The cash budget shows an expected cash balance of $18,750 December 31, 2020 The 2020 sales budget shows total annual sales of $200,000 Alles are made on account and accounts receivable at December 21, 2020 are expected to be 10% stannula The merchandise purchases budget shows budgeted cost of goods sold for 2020 of $150,000 and ending merchandise inventory of $23.750 20% of the ending Inventory is meded to have not yet been paidat December 31, 2020 The December 31, 2010 balance sheet includes the following balances Equipment $73,500. Accumulated Depreciation $4,250, Correon Stock $67500, and Retained Earrings $24.250 The budgeted income statement for 2020 includes the following: depreciation on equipment $3,750, federal income taxes 55.250, and not income $12.250. The income taxes will not be paid 4 5 until 2020 6 In 2020, management does not expect to purchase additional equipment or to declare ary dividends. It does expect to pay all operating expenses, other than depreciation. In cash INSTRUCTIONS Prepare an unclassified budgeted balance sheet at December 31, 2020 1. Record proper heading 2. Accounts must be entered Milly grammatically, and the correctly. No abbreviations 3. igns are provided already where appropriate Amounts should be heyed with commes where applicable, and without a decimal (0.5,55 Assets 5 Less Total Assets Llabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity