Prepare the budgeted balance sheet for January $2020$

Boston Accounting Services provides accounting services to small businesses. The following data relate to the preparation of a master budget for January 2020. I. At the end of 2019, the company's general ledger indicated the following balances: Cash Accounts receivable Equipment (net) Total $62,000 48,000 80,000 $190,000 Accounts payable Note payable Common stock Retained earnings $40,000 10,000 50.000 90,000 $190,000 2. 3. 4. 5. 6. 7. Revenue in December 2019 was $80,000, and revenue budgeted for January 2020 is $70,000. 40 percent of revenue is collected in the month earned, and 60 percent is collected in the subsequent month. The receivable balance at the end of 2019 reflects revenue earned in December 2019. Monthly expenses (excluding interest expense) are budgeted as follows: salaries, $50,000; rent, $3,000; depreciation of equipment, $3,000; utilities, $1,000; other. $2,000. Expenses are paid in the month incurred. Purchases of equipment are paid in the month after purchase. The $40,000 payable at the end of 2019 represents money owed for the purchase of equipment in December 2019. No purchases of equipment are anticipated for January. The note is at 10 percent per annum and requires monthly interest payments of $83. The entire principal must be paid in October 2020. The tax rate is 20 percent. Taxes are paid as incurred. Prepare the budgeted balance sheet for January 2020. (List Assets in order of liquidity. Do not leave any answer field blank. Enter O for amounts.) Boston Accounting Services Budgeted Balance Sheet As of January 31, 2020 Assets Cash Accounts Receivable Equipment Total assets Liabilities and Stockholder's Equity Liabilities Accounts Payable Note Payable Total liabilities Stockholders' equity Common Stock Retained Earnings Total stockholders' equity Total liabilities and stockholders' equity v 39,734 10,000 50,000 98,734 148,734