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
$ 8,500
Supplies inventory
$ 4,700
Equipment
$ 36,000
Accumulated depreciation
$ 14,600
Accounts payable
$ 2,200
Common stock
$ 5,000
Retained earnings
?
The beginning balance of retained earnings was $32,000, net income is budgeted to be $16,300, and dividends are budgeted to be $2,700.
Required:
Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
The beginning balance of retained earnings was $32,000, net income is budgeted to be $16,300, and dividends are budgeted to be $2,700. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Mudgeted Balance Sheet } & \\ \hline Current assets: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Plant and equipment: & & \\ \hline & & \\ \hline Plant and equipment, net & & \\ \hline Total assets & & \\ \hline \multicolumn{1}{|c|}{ Liabilities and Stockholders' Equity } & \\ \hline Current liabilities: & & \\ \hline Total stockholders' equity & & \\ \hline \end{tabular}
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