Exercise 8-9 (Static) Budgeted Balance Sheet [LO8-10] Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance shee for next year: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Ending Balances 7? $ 8,100 $3,200 $ 34,000 $ 16,000 $ 1,800 $5,000 Accounts payable Common stock Retained earnings The beginning balance of retained earnings was $28,000, budgeted net income is $11,500, and budgeted dividends are $4,800. Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
![Exercise 8-9 (Static) Budgeted Balance Sheet [LO8-10]
Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet
for next year:
Ending
Balances.
?
Cash
Accounts receivable.
Supplies inventory
Equipment
Accumulated depreciation
Accounts payable
Common stock
Retained earnings
The beginning balance of retained earnings was $28,000, budgeted net income is $11,500, and budgeted dividends are $4,800.
$ 8,100
$ 3,200
$ 34,000
$ 16,000
$ 1,800
$5,000
Required:
Prepare the company's budgeted balance sheet.
Note: Amounts to be deducted should be indicated by a minus sign.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdbe3e682-0170-4e5e-a448-703bb6b4ca93%2F65bdcf87-9dbd-4631-a84a-381953895469%2Fqgadc1l_processed.jpeg&w=3840&q=75)
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