Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheetfor next year.EndingBalancesCashAccounts receivableSupplies inventoryEquipmentAccumulated depreciationAccounts payableCommon stockRetained earnings?$ 8,100$ 3,200$ 34,000$ 16,000$ 1,800$ 5,000?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.Mecca CopyBudgeted Balance SheetCurrent assets:AssetsTotal current assetsPlant and equipment:Plant and equipment, netTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Stockholders' equity:Total stockholders' equityTotal liabilities and stockholders' equity

Detailed explanation:Retained Earnings beginning balance28,000…

Answered: Mecca Copy, a photocopying center…

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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Your Company is working on its cash budget for July. The budgeted beginning cash balance is $46,000. Budgeted cash receipts total $174,000 and budgeted cash disbursements total $175,000. The desired ending cash balance is $50,000. What is the excess (deficiency) of cash available over disbursements for July? Group of answer choices $ 45,000 $221,000 $ 50,000 $ 1,000 $ 47,000
Assume that a merchandising company provided the following beginning and ending budgeted balance sheets for a forthcoming month: Beginning Balances Ending Balances Cash $30,000 $38,000 Accounts Receivable $13,000 $16,000 Inventory $20,000 $18,000 Buildings and equipment $100,000 $100,000 Accumulated depreciation (25,000) (30,000) Total Assets From above: 138,000 $142,000 Accounts payable $4,000 $5,000 Common stock $60,000 $60,000 Retained earnings $74,000 $ 77,000 Total liabilities and stockholders' equity $138,000 $142,000 Assume that all of the company's sales are on account and it has no uncollectible accounts. If the cash collected from customers during the period is $120,000, then how much sales must be shown on the company's budgeted income statement?
Please help me solve the white squares on the Budgeted balance sheet!
Weat
Required information [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 94,000 145,000 59,400 222,000 $520,400 $ 83,000 331,000 106,400 $ 520,400 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $330,000 $350,000, $340,000, and $360,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the…
I ne Tollowing information is available from various budgets for the current period: Account Cash Accounts Receivable Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense - Equipment (expense incurred during the period) Budget Cash budget Amount $20,000 Schedule of cash receipts from customers 38,000 Inventory, purchases, and cost of goods sold budget 47,000 Selling and administrative expense budget 2,000 Capital expenditures budget 31,000 Selling and administrative expense budget 1,000 The following balances are available from the balance sheet at the end of the previous year: Prepaid Insurance Equipment Accumulated Depreciation Equipment $6,000 22,000 1,000 What would be the amount of total assets on the budgeted balance sheet?
Please solve all 4 requirements
From the above information, can you produce the budgeted statement of financial position and a brief analysis report?
The controller of Ultramint Company wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2008. June 30, 2008 cash balance ... Dividends to be declared on July 15* Cash expenditures to be paid in July for operating expenses Amortization expense.... Cash collections to be received ... $ 90,000 24,000 73,600 9,000 178,000 112,400 41,000 50,000 Merchandise purchases to be paid in cash Equipment to be purchased for cash. …….. Ulramint Company wishes to maintain a minimum cash balance of .... *Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: Prepare a cash budget for the month ended July 31, 2008, indicating how much, if anything, Ultramint will need to borrow to meet its minimum cash requirement.
The following information is available from various budgets for the current period: Amount Budget Cash budget Account Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation - Equipment Schedule of cash receipts from customers Inventory, purchases, and cost of goods sold budget Selling and administrative expense budget Capital expenditures budget OA. $173,000 OB. $164,000 OC. $159,000 O D. $162,000 $28,000 Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense Equipment (expense incurred during the period) Selling and administrative expense budget 2,000 The following balances are available from the balance sheet at the end of the previous year: $5,000 28,000 7,000 What would be the amount of total assets on the budgeted balance sheet? 35,000 41,000 2,000 36,000
Tyler Sheen is the owner of Stopby Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening Balances as of June 1, 2020 Cash $108,700 Accounts Receivable 45,000 Inventory 235,000 Long-term Assets 648,000 Accounts Payable 48,400 Shareholder's Equity 928,000 Budgeted Amounts For the month of June: Total Revenue $349,000 Total General and Administration Costs 185,000 Total Capital Expenditures 193,000 For the month of July: Total Revenue 359,200 Total General and Administration Costs 203,000 Total Capital Expenditures 222,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company’s monthly depreciation represents 20% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the…

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