The management of Academic Copy, a photocopying center located on University ave

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: te e Ending Balances 8,800 Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings 200 56,000 3,800 nd The beginning balance of retained earnings was $42,000, net income is budgeted to be $17,200, a dividends are budgeted to be $7,000. ° Required Prepare the company's budgeted balance sheet. Assets Current assets: Cash* Accounts receivable Supplies inventory Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and ockholders'Equity Current liabilities: Accounts payable Stockholders' equity: Common stock Retained earnings# Total stockholders' equity and stockholders eauity

Explanation / Answer

Prepare budgeted balance sheet :

Assets Current assets Cash 8800 Account receivable 13000 Supplies inventory 4200 Total current assets 26000 Plant and equipment Equipment 56000 Accumlated depreciation 18000 Plant and equipment,net 38000 Total Assets 64000 Liabilities and stockholder's equity Current liabilities Account payable 3800 Stockholder's equity Common stock 8000 Retained earnings 52200 Total stockholder's equity 60200 Total liabilities and stockholder's equity 64000

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