Hi,I need help determining the two missing values in the attached table. The cells are highlighted red.Thank you. The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use inpreparing its budgeted balance sheet for next year:CashAccounts receivableSupplies inventoryEquipmentAccumulated depreciationAccounts payableCommon stockRetained earningsEndingBalances?$ 9,000$ 2,400$ 38,500$ 15,600$ 2,700$ 5,000?The beginning balance of retained earnings was $26,000, net income is budgeted to be $15,400, and dividends are budgeted to be$5,400. Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)Current assets:CashAnswer is complete but not entirely correct.Mecca CopyBudgeted Balance SheetAssetsAccounts receivableSupplies inventoryTotal current assetsPlant and equipment:EquipmentAccumulated depreciationPlant and equipment, netTotal assetsCurrent liabilities:Liabilities and Stockholders' EquityAccounts payableStockholders' equity:Common stockRetained earnings9,0002,4000Total stockholders' equityTotal liabilities and stockholders' equity38,500(15,600)$ 5,00000X$ 11,40022,900$ 34,300$ 2,700$5,0007,700

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 $9,000 $ 2,400 $ 38,500 $ 15,600 $ 2,700 $ 5,000 ? The beginning balance of retained earnings was $26,000, net income is budgeted to be $15,400, and dividends are budgeted to be $5,400.

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 $9,000 $ 2,400 $ 38,500 $ 15,600 $ 2,700 $ 5,000 ? The beginning balance of retained earnings was $26,000, net income is budgeted to be $15,400, and dividends are budgeted to be $5,400.

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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