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Sarah, the sole shareholder of Madmartigan Food Truck, runs a food truck in the suburb of a large city. Her balance sheet as at September
Sarah, the sole shareholder of Madmartigan Food Truck, runs a food truck in the suburb of a large city. Her balance sheet as at September 30, 2020 is as follows: Madmartigan Food Truck Balance Sheet As at September 30, 2020 Assets Cash $4,400 Inventory $2,400 Equipment $9,300 Accumulated Depreciation $-1,500 Total Assets $14,600 Liabilities Accounts Payable $2,300 Loan Payable $7,300 Total Liabilities $9,600 Shareholder's Equity $5,000 Total Liabilities & Shareholder's Equity $14,600 In the upcoming year, Sarah expects the following events to occur: Total revenues of $23,000 and total expenses of $8,160 Inventory is expected to increase by $900 By the end of September, 2021, Madmartigan Food Truck will owe its suppliers $3,300 No principal payments will be made on the loan payable during 2021 Purchase of new equipment for $2,400. The entire purchase will be financed through a loan payable Expect to have a cash balance of $20,300 at the end of fiscal 2021 Depreciate assets by $960 during 2021 Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Prepare Madmartigan Food Truck's budgeted balance sheet as at September 30, 2021. Madmartigan Food Truck Budgeted Balance Sheet As at September 30, 2021 Assets Cash $Answer Inventory $Answer Equipment $Answer Accumulated Depreciation $Answer Total Assets $Answer Liabilities Accounts Payable $Answer Loan Payable $Answer Total Liabilities $Answer Shareholder's Equity $Answer Total Liabilities & Shareholder's Equity $
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