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Current assets: Cash Accounts receivable Supplies inventory Total current assets Plant and equipment: Equipment Accumulated depreciation Assets 8,400 4,500 34,000 14,400 $ 12,900

Current assets: Cash Accounts receivable Supplies inventory Total current assets Plant and equipment: Equipment Accumulated depreciation Assets 8,400 4,500 34,000 14,400 $ 12,900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vaibhav

Subject: acounting 

Current assets: Cash Accounts receivable Supplies inventory Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets Current liabilities: Mecca Copy Budgeted Balance Sheet Assets Accounts payable Stockholders' equity: Common stock Retained earnings 8,400 4,500 Liabilities and Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 34,000 14,400 $ 5,000 $ $ $ 12,900 48,400 61,300 2,100 5,000 7,100
Transcribed Image Text:Current assets: Cash Accounts receivable Supplies inventory Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets Current liabilities: Mecca Copy Budgeted Balance Sheet Assets Accounts payable Stockholders' equity: Common stock Retained earnings 8,400 4,500 Liabilities and Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 34,000 14,400 $ 5,000 $ $ $ 12,900 48,400 61,300 2,100 5,000 7,100
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 Ending Balances ? $ 8,400 $ 4,500 $ 35,500 $ 14,400 $ 2,100 $ 5,000 ? The beginning balance of retained earnings was $31,000, net income is budgeted to be $15,100, and dividends are budgeted to be $5,000. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Transcribed Image Text: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 Ending Balances ? $ 8,400 $ 4,500 $ 35,500 $ 14,400 $ 2,100 $ 5,000 ? The beginning balance of retained earnings was $31,000, net income is budgeted to be $15,100, and dividends are budgeted to be $5,000. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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