The management of Mecca Copy, a photocopying center located on University 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 stock Retained earnings The beginning balance of retained earnings was $32,000, net income is budgeted to be $15,700, and dividends are budgeted to be $5,800. Current assets: Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Assets Total current assets Plant and equipment: Ending Balances 2 Plant and equipment, net Total assets $ 9,600 $ 3,600 $ 41,500 $ 16,800 $ 3,300 $ 5,000 ? Current liabilities: Mecca Copy Budgeted Balance Sheet Stockholders' equity: Liabilities and Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ 0 0 0 0 0
The management of Mecca Copy, a photocopying center located on University 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 stock Retained earnings The beginning balance of retained earnings was $32,000, net income is budgeted to be $15,700, and dividends are budgeted to be $5,800. Current assets: Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Assets Total current assets Plant and equipment: Ending Balances 2 Plant and equipment, net Total assets $ 9,600 $ 3,600 $ 41,500 $ 16,800 $ 3,300 $ 5,000 ? Current liabilities: Mecca Copy Budgeted Balance Sheet Stockholders' equity: Liabilities and Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ 0 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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Transcribed Image Text:The management of Mecca Copy, a photocopying center located on University 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 stock
Retained earnings
The beginning balance of retained earnings was $32,000, net income is budgeted to be $15,700, and dividends are budgeted to be
$5,800.
Current assets:
Required:
Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Assets
Total current assets
Plant and equipment:
Ending
Balances
2
Plant and equipment, net
Total assets
$
9,600
$ 3,600
$ 41,500
$ 16,800
$ 3,300
$
5,000
?
Current liabilities:
Mecca Copy
Budgeted Balance Sheet
Stockholders' equity:
Liabilities and Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders' equity
$
$
$
0
0
0
0
0
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