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 Current assets: The beginning balance of retained earnings was $30,000, net income is budgeted to be $13,900, and dividends are budgeted to be $3,100. Total current assets Plant and equipment Ending Balances 7 Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. Mecca Copy Budgeted Balance Sheet $ 8,300 $ 3,200 Assets $ 35,000 $ 14,200 $ 2,000 $ 5,000 $ 0
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 Current assets: The beginning balance of retained earnings was $30,000, net income is budgeted to be $13,900, and dividends are budgeted to be $3,100. Total current assets Plant and equipment Ending Balances 7 Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. Mecca Copy Budgeted Balance Sheet $ 8,300 $ 3,200 Assets $ 35,000 $ 14,200 $ 2,000 $ 5,000 $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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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:
Cashi
Accounts receivable
Supplies inventory
Equipment
Accumulated depreciation
Accounts payable
Common stock
Retained earnings
The beginning balance of retained earnings was $30,000, net income is budgeted to be $13,900, and dividends are budgeted to be
$3,100.
Current assets:
Required:
Prepare the company's budgeted balance sheet.
Note: Amounts to be deducted should be indicated by a minus sign.
Total current assets
Plant and equipment
Ending
Balances
7
Mecca Copy
Budgeted Balance Sheet
$ 8,300
$ 3,200
$ 35,000
$ 14,200
$ 2,000
$ 5,000
Assets
$
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Transcribed Image Text:Current assets:
Total current assets
Plant and equipment:
Assets
Plant and equipment, net
Total assets
Current liabilities:
Mecca Copy
Budgeted Balance Sheet
Liabilities and Stockholders' Equity
Stockholders' equity.
Total stockholders' equity
Total liabilities and stockholders' equity
$
$
$
0
0
0
0
0
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