please answer without copy paste and with steps , explanation , computation, formula for each and every steps/numbers answer in text form The management of Classic Copy, a photocopying centre located on College Avenue, has compiled the following data to use inpreparing its budgeted balance sheet for next year:CashAccounts receivableSupplies inventoryEquipmentAccumulated depreciationAccounts payableCommon sharesRetained earningsCurrent assets:Total current assetsPlant and equipment:The beginning balance of retained earnings was $28,000, net income is budgeted to be $12,000, and dividends are budgeted tobe $5,000.EndingBalances?$ 9,000Required:Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated with minus sign.)Plant and equipment, netTotal assetsCurrent liabilities:3,00034,00016,0002,0005,000?Shareholders' equity:Classic CopyBudgeted Balance SheetAssetsLiabilities and Shareholders' EquityTotal shareholders' equityTotal liabilities and shareholders' equity

Balance sheet is the financial statement which is prepared by the entity for the purpose of…

The management of Classic Copy, a photocopying centre located on College Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year. Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common shares Retained earnings Current assets The beginning balance of retained earnings was $28,000, net income is budgeted to be $12,000, and dividends are budgeted to be $5,000 Total current assets Plant and equipment Required: Prepare the company's budgeted balance sheet (Amounts to be deducted should be indicated with minus sign.) Ending Balances ? $ 9,000 3,000 Plant and equipment, net Total assets Current liabilities 34,000 16,000 2,000 5,000 7 Classic Copy Budgeted Balance Sheet Assets Shareholders' equity: Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity

The management of Classic Copy, a photocopying centre located on College Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year. Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common shares Retained earnings Current assets The beginning balance of retained earnings was $28,000, net income is budgeted to be $12,000, and dividends are budgeted to be $5,000 Total current assets Plant and equipment Required: Prepare the company's budgeted balance sheet (Amounts to be deducted should be indicated with minus sign.) Ending Balances ? $ 9,000 3,000 Plant and equipment, net Total assets Current liabilities 34,000 16,000 2,000 5,000 7 Classic Copy Budgeted Balance Sheet Assets Shareholders' equity: Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity

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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