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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 7 $ 8,100 $ 3,200 $ 34,000 $ 16,000 $1,800 $5,000 The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800.

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 7 $ 8,100 $ 3,200 $ 34,000 $ 16,000 $1,800 $5,000 The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800.

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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Current assets: Total current assets Plant and equipment Assets Budgeted Balance sheet Plant and equipment, net Total assets Current liabilities: Liabilities and Stockholders' Equity Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
Transcribed Image Text:Current assets: Total current assets Plant and equipment Assets Budgeted Balance sheet Plant and equipment, net Total assets Current liabilities: Liabilities and Stockholders' Equity Stockholders' equity Total stockholders' equity Total 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 Ending Balances ? $ 8,100 $ 3,200 $ 34,000 $ 16,000 $1,800 $ 5,000 The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800.
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 ? $ 8,100 $ 3,200 $ 34,000 $ 16,000 $1,800 $ 5,000 The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800.
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