The management of Mecca Copy, a photocopying center located on University Avenue

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 Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 8,100 S 3,200 S 34,000 S 16,000 S 1,800 S 5,000 The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800 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 AM 1:01 ENG90^ 11/18/2017

Explanation / Answer

Mecca copy Budgeted Balance sheet Assets Current Assets Cash $      12,200 Accounts receivable $        8,100 Supplies Inventory $        3,200 Total Current Asset $      23,500 Plant and Equipment Equipment $      34,000 Accumulated depreciation $    (16,000) Plant and Equipment, Net $      18,000 Total assets $      41,500 Liabilities and stockholders Equity Current liabilities : Accounts payable $        1,800 Stockholders equity Common stock $        5,000 Retained earnings $      34,700 Total Stockholders equity $      39,700 Total libilties and stakehoders equity $      41,500 Retained earnings Opening Balance $      28,000 Net Income $      11,500 Dividend $      (4,800) Closing Balance $      34,700

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