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

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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