https:/ s Graded Exercises Help Save & Exit Subr Check my wer The management of
ID: 2609767 • Letter: H
Question
https:/ s Graded Exercises Help Save & Exit Subr Check my wer The management of Mecca Copy, a photocopying center located on University Avenue, has comp preparing its budgeted balance sheet for next year: Ending Balances Cash Accounts receivable9,90e Supplies inventory $ 4,200 Equipment Accumulated depreciation Accounts payable 3,600 Common stock Retained earnings $ 43,000 17,40e $5,000 The beginning balance of retained earnings was $35,000. net income is budgeted to be $19,300, and dividends are budgeted to be $6,000. Required: Prepare the company's budgeted balance sheet (Amounus to be deducted should be indicated by a minus sign.) Mecca CopyExplanation / Answer
Budgeted balance sheet
Assets
Current Assets:
Cash [$56900 - 25600 - 9900 - 4200] 17200
Accounts receivables 9900
supplies inventories 4200
Total current assets 31300
Plant and equipment 43000
less:Accumulated depreciation 17400
Plant and equipment,net 25600
Total Assets $56900
Liabilities and stockholder's equity
Current liabilities
Accounts payable 3600
stockholder's equity
Common stock 5000
Retained earnings 48300
Total stockholder's equity 53300
Total Liabilities and stockholder's equity $56900
Note:- Statement of Retained earnings
Beginning balance =35000
Add: net income =19300
less: dividend = 6000
Ending balance = 48300
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.