Denisco Doughnuts has applied for a loan with a local bank. The bank has requested a budgeted balance sheet as of May 31, 2023. The controller of Denisco has assembled the following information:

● May 31 inventory balance: $19,355

● May payments of inventory paid for in cash: $5,400

● May payments of accounts payable and accrued liabilities from April: $8,000

● May 31 accounts payable balance: $11,845

● April 30 furniture and fixtures: $34,200, with accumulated depreciation of $27,880

● April 30 owner’s equity: $26,390

● May depreciation expense: $750

● Cost of goods sold: 40% of sales

● Other May expenses, including income taxes: $5,200, paid in cash

● April 30 cash balance: $13,200

● May budgeted sales: $16,400

● May 31 accounts receivable balance: 25% of May sales

● May cash receipts: $18,500

Prepare a budgeted balance sheet for Denisco Doughnuts.