Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: Cash Accounts receivable. Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings The beginning balance of retained earnings was $34,000, budgeted net income is $18,700, and budgeted dividends are $5,200. Current assets: Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. Total current assets Plant and equipment: Plant and equipment, net Total assets Ending Balances 7 Current liabilities: Assets Stockholders' equity: Mecca Copy Budgeted Balance Sheet Liabilities and Stockholders' Equity $ 8,700 $ 5,100 $ 37,000 $ 15,000 $ 2,400 $5,000 $ $ 0 0 0
Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: Cash Accounts receivable. Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings The beginning balance of retained earnings was $34,000, budgeted net income is $18,700, and budgeted dividends are $5,200. Current assets: Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. Total current assets Plant and equipment: Plant and equipment, net Total assets Ending Balances 7 Current liabilities: Assets Stockholders' equity: Mecca Copy Budgeted Balance Sheet Liabilities and Stockholders' Equity $ 8,700 $ 5,100 $ 37,000 $ 15,000 $ 2,400 $5,000 $ $ 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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.
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Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet
for next year
Cash
Accounts receivable.
Supplies inventory
Equipment
$8,700
$ 5,100
$ 37,000
$ 15,000
Accumulated depreciation
Accounts payable
Common stock
$ 2,400
Retained earnings
$5,000
?
The beginning balance of retained earnings was $34,000, budgeted net income is $18,700, and budgeted dividends are $5,200.
Required:
Prepare the company's budgeted balance sheet.
Note: Amounts to be deducted should be indicated by a minus sign.
Current assets:
Total current assets
Plant and equipment:
Plant and equipment, net
Total assets
Assets
Current liabilities:
Ending
Balances
7
Stockholders' equity:
Mecca Copy
Budgeted Balance Sheet
Liabilities and Stockholders' Equity
$
$
0
0
0
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