The management of Academic Copy, a photocopying center located on University Ave
ID: 2460868 • Letter: T
Question
The management of Academic Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:
The beginning balance of retained earnings was $44,000, net income is budgeted to be $12,000, and dividends are budgeted to be $4,300.
Prepare the company’s budgeted balance sheet. (Be sure to list the assets and liabilities in order of their liquidity. Amounts to be deducted should be indicated with minus sign.)
The management of Academic Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:
Explanation / Answer
Retained Earnings Beginning Balanec of Retained Earnings 44000 Net Income 12000 Less: Dividends -4300 Retained Earnings Closing Balance 51700 Academic Copy Budgeted Balance Sheet Current Assets: Cash 25290 Accounts Receivable 10000 Supplies Inventory 4100 Total Current Assets 39390 Plant & Equipment Equipment 33000 Less: Depreciation -14200 Plant & equipment , Net 18800 Total Assets 58190 Liabilities & Stockholders Equity Current Liabilities Accounts Payable 1690 Stockholders Equity Common Stock 4800 Retained earnings 51700 Total Stockholders Equity 56500 Total liabilities and stockholders' equity 58190
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