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. Ending Balances $ 8,300 Cash Accounts receivable Supplies Inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 3,200 $ 35,000 $14,200 $ 2,000 $ 5,000 The beginning balance of retained earnings was $30,000, net Income is budgeted to be $13,900, 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.)

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. Ending Balances $ 8,300 Cash Accounts receivable Supplies Inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 3,200 $ 35,000 $14,200 $ 2,000 $ 5,000 The beginning balance of retained earnings was $30,000, net Income is budgeted to be $13,900, 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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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…
Fanning Medical Clinic has budgeted the following cash flows. January $105,000 February $111,000 March Cash receipts Cash payments For inventory purchases For S&A expenses $131,000 92,500 33,500 74,500 34,500 87,500 29,500 Fanning Medical had a cash balance of $10,500 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 percent per month. Repayments may be made in any amount available. Fanning pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. (Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage
A company has completed the operating budget and the cash budget. It is now preparing the budgeted balance sheet. Please use the below image as your guide for the next 5 questions. )dentify the document that contains accounts receivable A B C D E
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.
ni.3
Edelmar Corp. has prepared a preliminary cash budget for the third quarter as shown below: Cash Budget Beginning cash balance Plus: Cash collections Cash available Less: Cash payments: Purchases of direct materials July $36,000 $56,000 92,000 Operating expenses Capital expenditures Ending cash balance Aug $17,000 $52,000 $69,000 34,000 41,000 0 $17,000 Subsequently, the marketing department revised its figures for cash collections. New data are as follows: $54,000 in July, $55,000 in August, and $44,000 in September. Based on the new data, calculate the new projected cash balance at the end of July Sep $21,500 47,800 $69,300 9,000 30,500 8,000 $21,500 10,000 30,800 7,700 $20,800
Forest Trails is preparing their budgeted financial statements for the coming period, and has accumulated the following data: Beginning-of-period balances: Cash: $13,500 Accounts Receivable: $54,000 Raw Materials Inventory: $16,000 Work in Process Inventory: $60,000 Finished Goods Inventory: $24,000 Equipment (historical value): $480,000 Accumulated Depreciation: $288,000 Accounts Payable: $27,000 Estimates for end-of-period balances: Accounts Receivable: $67,500 Raw Materials Inventory: $10,000 Work in Process Inventory: $50,000 Finished Goods Inventory: $29,000 Accumulated Depreciation: $296,000 Accounts Payable: $18,000 Budgeted activity levels for the period: Sales: 3,125 units, at an average sales price of $80/unit Purchases of Direct Materials: $44,800 Direct Labor Wages: $75,000 Manufacturing Overhead: $25,000 Selling and Administrative Expenses: $42,000 All sales are on account. Only raw materials are purchased on account. The company has no debt aside from current liabilities.…
Prepare the company’s budgeted balance sheet.
3. The Uthred Company, a merchandising firm, has planned the following sales for the next four months: March $50,000 Аpril $70,000 Мay $90,000 June July $90,000 Total budgeted Sales $60,000 Sales are made 60% on account and 40% cash. From experience, the company has learned that a month's sales on account are collected according to the following pattern: Month of sale 60% • First month following month of sale . • Second month following month of sale • Uncollectible 28% 10% 2% Uthred has a building that is not used in the business operation; they rented it out and receive $10,080 rent every month. The company requires a minimum cash balance of $14,000 to start a month.