The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following...
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The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year. Cash Accounts receivable Ending Balances $ 8,200 Supplies inventory $ 3,200 Equipment $ 34,500 Accumulated depreciation $ 14,000 Accounts payable $ 1,900 Common stock Retained earnings $ 5,000 The beginning balance of retained eamings was $29,000, net Income is budgeted to be $12,700, and dividends are budgeted to be $2,500. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Current assets: Mecca Copy Budgeted Balance Sheet Assets Total current assets Plant and equipment: Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders equity Total stockholders' equity Total liabilities and stockholders' equity S + $ The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year. Cash Accounts receivable Ending Balances $ 8,200 Supplies inventory $ 3,200 Equipment $ 34,500 Accumulated depreciation $ 14,000 Accounts payable $ 1,900 Common stock Retained earnings $ 5,000 The beginning balance of retained eamings was $29,000, net Income is budgeted to be $12,700, and dividends are budgeted to be $2,500. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Current assets: Mecca Copy Budgeted Balance Sheet Assets Total current assets Plant and equipment: Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders equity Total stockholders' equity Total liabilities and stockholders' equity S + $
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