Washington Company's balance sheet as of December 31, 2018 is provided below: Washington Company Balance Sheet 31-Dec-13 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total Assets 25,000 40,000 45,000 290,000 400,000 Liabilities and stakeholder's equity Accounts payable Notes payable Capital stock, no par Retained earnings Total Liabilities and stockholder's equity 50,000 40,000 200,000 110,000 400,000 In anticipation of preparing the operating budget for the upcoming period, the firm's accountant has gathered the following information: (a) Sales are budgeted at Dh320,000 for January 2019. Of these sales, half will be cash sales and half will be credit sales. Eighty percent of the credit sales are collected in the month of sale and the remainder is collected in the next month. Therefore, all of the December 31 receivables will be collected in January. (b) Inventory purchases are expected to total Dh200,000 during January, all on account. Sixty percent of all purchases are paid for in the month of purchase and the remainder is paid in the following month. Therefore, all of the December 31 accounts payable will be paid during January. The inventory account is expected to have a Dh40,000 balance at January 31, 2019. (c) Selling and administrative expenses for January are budgeted at Dh100,000 (exclusive of depreciation). S&A expenses are paid in cash. Depreciation is budgeted at Dh3,000 for the month