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 Ending Balances ? $ 8,300 $ 3,200 $ 35,000 $ 14,200 $ 2,000 $ 5,000 ? The beginning balance of retained earnings was $30,000, budgeted net income is $13,900, and budgeted dividends are $3,100. Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign.
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 Ending Balances ? $ 8,300 $ 3,200 $ 35,000 $ 14,200 $ 2,000 $ 5,000 ? The beginning balance of retained earnings was $30,000, budgeted net income is $13,900, and budgeted dividends are $3,100. Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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.
Question
ni.3
Transcribed Image Text: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
Ending
Balances
?
$ 8,300
$ 3,200
$ 35,000
$ 14,200
$ 2,000
$ 5,000
?
The beginning balance of retained earnings was $30,000, budgeted net Income is $13,900, and budgeted dividends are $3,100.
Required:
Prepare the company's budgeted balance sheet.
Note: Amounts to be deducted should be Indicated by a minus sign.
Месса Сору
Budgeted Balance Sheet
Assets
Current assets:
Total current assets
Plant and equipment.
Plant and equipment, net
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Stockholders' equity:
Total stockholders' equity
Total liabilities and stockholders' equity
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education