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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 Ending Balances ? $ 10,100 $4,600 $ 44,000 $ 17,800 $ 3,800 $5,000 The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. 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 Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances ? $ 10,100 $4,600 $ 44,000 $ 17,800 $ 3,800 $5,000 The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

FINANCIAL ACCOUNTING
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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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. Ending Balances ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash Accounts receivable Supplies inventory $ 10,100 $ 4,600 $ 44,000 Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) $ 17,800 $ 3,800 $5,000 ?
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. Ending Balances ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash Accounts receivable Supplies inventory $ 10,100 $ 4,600 $ 44,000 Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) $ 17,800 $ 3,800 $5,000 ?
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