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 Ending Balances ? $ 8,700 $ 5,100 Supplies inventory. Equipment $ 37,000 Accumulated depreciation $ 15,000 Accounts payable $ 2,400 $ 5,000 ? Common stock Retained earnings The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,700, and dividends are budgeted to be $5,200. 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: Cash Accounts receivable Ending Balances ? $ 8,700 $ 5,100 Supplies inventory. Equipment $ 37,000 Accumulated depreciation $ 15,000 Accounts payable $ 2,400 $ 5,000 ? Common stock Retained earnings The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,700, and dividends are budgeted to be $5,200. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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
Ending
Balances
?
$ 8,700
$ 5,100
Supplies inventory.
Equipment
$ 37,000
Accumulated depreciation
$ 15,000
Accounts payable
$ 2,400
$ 5,000
?
Common stock
Retained earnings
The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,700, and dividends are budgeted to be
$5,200.
Required:
Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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