1 answer

The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following...

Question:

The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in pCheck my work Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus slgn.) Mec

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 Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 9,800 $ 4,000 $ 42,500 $ 17,200 $ 3,500 $ 5,000 The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,100, and dividends are budgeted to be $4,100. 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
Check my work Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus slgn.) Mecca Copy Budgeted Balance Sheet Assets points Current assets: eBook Hint Print References Total current assets Plant and equipment: Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total stockholders' equity Total liabilities and stockholders' equity

Answers

Mecca Copy
Budgeted Balance Sheet
Assets
Current assets:
Cash 17400
Accounts receivable 9800
Supplies inventory 4000
Total current assets 31200
Plant and equipment:
Equipment 42500
Accumulated depreciation -17200
Plant and equipment, net 25300
Total assets 56500
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable 3500
Stockholders' equity:
Common stock 5000
Retained earnings 48000
Total stockholders' equity 53000
Total liabilities and stockholders' equity 56500
Note: Retained earnings = 34000+18100-4100= $48000
.

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