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2020 2021 BUDGETED BALANCE SHEET PROBLEM 2020 2021 Assets Cash 5,000 Accounts Receivable 15,000 Equipment...

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2020 2021 BUDGETED BALANCE SHEET PROBLEM 2020 2021 Assets Cash 5,000 Accounts Receivable 15,000 Equipment 9,000 Accumulated Depreciation (1,000) Total Assets 28,000 Liabilities Accounts Payable Notes Payable Total Liabilities Stockholders' Equity Total Liabilities & Stockholders' Equity 3,000 13,000 16,000 12,000 28,000 Expectations: A. Total Revenues of 64,000 and Total Expenses of 25,000 B. 100% of Accounts Receivable from the prior year will be collected in the following year. C. Credit Sales will represent 50% of revenues for the year. D. 100% of Accounts Payable owing from 2020 will be paid off in 2021. E. By the end of June 2021, Xander will owe its suppliers 4,000. F-1. No principal payments will be made on the old note payable during 2021. F-2. Purchase of new equipment for 4,000. The entire purchase will be financed through a new note payable. G. Expect to have a cash balance of 18,000 at the end of fiscal 2021. H. Depreciate assets by 2,000 during 2021. REQUIRED: 1. Prepare Xander's budgeted Balance Sheet at June 30, 2021. 2. Prepare the budgeted income statement for the year ended 12/31/2021, using the incremental budgeting approach

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