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. $ 8,900 $ 5,500 $ 38,000 $ 15,400 $ 2,600 $5,000 2 The beginning balance of retained earnings was $25,000, net income is budgeted to be $21,100, and dividends are budgeted to be $3,500. 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. $ 8,900 $ 5,500 $ 38,000 $ 15,400 $ 2,600 $5,000 2 The beginning balance of retained earnings was $25,000, net income is budgeted to be $21,100, and dividends are budgeted to be $3,500. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Chapter7: Budgeting
Section: Chapter Questions
Problem 9Q: A company has prepared the operating budget and the cash budget. It is now preparing the budgeted...
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