Lopez Company has compiled the following data to use in preparing its budgeted balance sheet for...

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Lopez Company has compiled the following data to use in preparing its budgeted balance sheet for next year Cash ? Accounts Receivable Supplies $ 10,300 4,400 Equipment 51,000 Accumulated Depreciation 21,000 Accounts Payable 2,500 Common Stock 7,500 Beginning Retained Earnings balance 30,000 Budgeted Net Income Budgeted Dividends declared and paid 15,000 5,200 Required: Prepare the Statement of Retained Earnings and Budgeted Balance Sheet. Please show Dividends as a negative number. Lopez Company Statement of Retained Earnings Retained Earnings, Beginning Balance 30000 Add: Net Income 15000 Less: Dividends -5200 Retained Earnings, Ending Balance 39800 Assets: Current Assets: Cash Accounts Receivable Supplies Total Current Assets Lopez Company Budgeted Balance Sheet Property, Plant, & Equipment: Total Property, Plant, & Equipment 5100 10300 4400 19800 Total Assets Liabilities: Accounts Payable Owner's Equity: Common Stock Retained Earnings Total Owner's Equity Total Liabilities & Owner's Equity 7500 2500 30000 37500 40000 Lopez Company has compiled the following data to use in preparing its budgeted balance sheet for next year Cash ? Accounts Receivable Supplies $ 10,300 4,400 Equipment 51,000 Accumulated Depreciation 21,000 Accounts Payable 2,500 Common Stock 7,500 Beginning Retained Earnings balance 30,000 Budgeted Net Income Budgeted Dividends declared and paid 15,000 5,200 Required: Prepare the Statement of Retained Earnings and Budgeted Balance Sheet. Please show Dividends as a negative number. Lopez Company Statement of Retained Earnings Retained Earnings, Beginning Balance 30000 Add: Net Income 15000 Less: Dividends -5200 Retained Earnings, Ending Balance 39800 Assets: Current Assets: Cash Accounts Receivable Supplies Total Current Assets Lopez Company Budgeted Balance Sheet Property, Plant, & Equipment: Total Property, Plant, & Equipment 5100 10300 4400 19800 Total Assets Liabilities: Accounts Payable Owner's Equity: Common Stock Retained Earnings Total Owner's Equity Total Liabilities & Owner's Equity 7500 2500 30000 37500 40000

Answer rating: 100% (QA)

To assist you with the preparation of the Statement of Retained Earnings and the Budgeted Balance Sheet for Lopez Company well need to go through each ... View the full answer