The following information is available from various budgets for the current period:
Account
Budget
Amount
Cash
Cash budget
$25,000
Schedule of cash receipts from
Accounts Receivable
customers
36,000
Inventory, purchases, and cost of
Merchandise Inventory
goods sold budget
44,000
Insurance Expense (expense
incurred during the period)
Selling and administrative expense
budget
3,000
Equipment
Capital expenditures budget
37,000
Depreciation Expense
Equipment (expense incurred
during the period)
Selling and administrative expense
budget
3,000
The following balances are available from the balance sheet at the end of the previous year:
Prepaid Insurance
$5,000
Equipment
23,000
Accumulated Depreciation
Equipment
2,000
What would be the amount of total assets on the budgeted balance sheet?
A. $165,000
B. $170,000
C. $160,000
D. $162,000