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 Current assets: Total current assets Plant and equipment: The beginning balance of retained earnings was $27,000, net income is budgeted to be $16,600, and dividends are budgeted to be $3,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Plant and equipment, net Total assets Current liabilities: Ending Balances ? $ 9,100 $ 2,600 $ 39,000 Stockholders' equity: $ 15,800 $ 2,800 $5,000 ? Total stockholders' equity Total liabilities and stockholders' equity Mecca Copy Budgeted Balance Sheet Assets Liabilities and Stockholders' Equity
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 Current assets: Total current assets Plant and equipment: The beginning balance of retained earnings was $27,000, net income is budgeted to be $16,600, and dividends are budgeted to be $3,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Plant and equipment, net Total assets Current liabilities: Ending Balances ? $ 9,100 $ 2,600 $ 39,000 Stockholders' equity: $ 15,800 $ 2,800 $5,000 ? Total stockholders' equity Total liabilities and stockholders' equity Mecca Copy Budgeted Balance Sheet Assets Liabilities and Stockholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Current assets:
Total current assets
Plant and equipment:
The beginning balance of retained earnings was $27,000, net income is budgeted to be $16,600, and dividends are budgeted to be
$3,100.
Required:
Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Plant and equipment, net
Total assets
Current liabilities:
Ending
Balances
?
$ 9,100
$ 2,600
$ 39,000
Stockholders' equity:
$ 15,800
$ 2,800
$5,000
?
Total stockholders' equity
Total liabilities and stockholders' equity
Mecca Copy
Budgeted Balance Sheet
Assets
Liabilities and Stockholders' Equity
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