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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock $ 8,200 $ 3,200 $ 34,500 $ 14,000 $ 1,900 $ 5,000 Retained earninga The beginning balance of retained earnings 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.) Mecca Copy Budgeted Balance Sheet Assets Current 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 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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock $ 8,200 $ 3,200 $ 34,500 $ 14,000 $ 1,900 $ 5,000 Retained earninga The beginning balance of retained earnings 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.) Mecca Copy Budgeted Balance Sheet Assets Current 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
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Retain Earnings Balance sheets Beginning Balance Net Income 29000 Assets 12700 Current ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
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