The management of Mecca Copy, a photocopying center located on University Avenue
ID: 2512030 • Letter: T
Question
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 $ 9,300 Supplies inventory $ 3,000 Equipment $ 40,000 Accumulated depreciation $ 16,200 Accounts payable $ 3,000 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $29,000, net income is budgeted to be $19,000, and dividends are budgeted to be $5,600.
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 $0 Plant and equipment: Plant and equipment, net 0 Total assets $0 Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total stockholders' equity 0 Total liabilities and stockholders' equityExplanation / Answer
Required: Prepare the company's budgeted balance sheet.
Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash 14300 Account receivable 9300 Supplies inventory 3000 Total current assets $26600 Plant and equipment: Equipment 40000 Less: Accumulated depreciation (16200) Plant and equipment, net 23800 Total assets $50400 Liabilities and Stockholders' Equity Current liabilities: Account payable 3000 Stockholders' equity: Common stock 5000 Retained earnings 42400 Total stockholders' equity 47400 Total liabilities and stockholders' equity 50400Related Questions
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