Sarah, the sole stockholder of Ted Inc., runs a home$-$cleaning service in the suburb of a large city. Her balance sheet as at September $30,2019$ is as follows:

Ted Inc.

Balance Sheet

As at September $30,2019$

Assets

Cash $$5,800$

Accounts Receivable $$17,800$

Equipment $$9,700$

Accumulated Depreciation $$-3,000$

Total Assets $$30,300$

Liabilities

Accounts Payable $$4,900$

Notes Payable $$10,100$

Total Liabilities $$15,000$

Stockholder's Equity $$15,300$

Total Liabilities & Stockholder's Equity $$30,300$

In the upcoming year, Sarah expects the following events to occur:

Total revenues of $$28,000$ and total expenses of $$12,900$

$100\%$ of accounts receivable from the prior year will be collected in the following year

Credit sales will represent $53\%$ of revenues for the year

$100\%$ of accounts payable owing from $2019$ will be paid off in $2020$

By the end of September, $2020,$ Ted will owe its suppliers $$3,100$

No principal payments will be made on the bank loan during $2019$

Purchase of new equipment for $$2,700.$ The entire purchase will be financed through a bank loan

Expect to have a cash balance of $$22,700$ at the end of fiscal $2020$

Depreciate assets by $$640$ during $2020$

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