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. The beginning balance of retained earnings was $31,000, net income is budgeted to be $21,400, and dividends are budgeted to be $3,900. 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: Plant and equipment, net Total assets Assets Current liabilities: Mecca Copy Budgeted Balance Sheet Liabilities and Stockholders' Equity Stockholders' equity: Ending Balances ? $ 9,500 $3,400 $ 41,000 $ 16,600 $ 3,200 $5,000 ? 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. The beginning balance of retained earnings was $31,000, net income is budgeted to be $21,400, and dividends are budgeted to be $3,900. 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: Plant and equipment, net Total assets Assets Current liabilities: Mecca Copy Budgeted Balance Sheet Liabilities and Stockholders' Equity Stockholders' equity: Ending Balances ? $ 9,500 $3,400 $ 41,000 $ 16,600 $ 3,200 $5,000 ? Total stockholders' equity Total liabilities and stockholders' equity
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:
Cash
Accounts receivable.
Supplies inventory
Equipment
Accumulated depreciation
Accounts payable
Common stock
Retained earnings.
The beginning balance of retained earnings was $31,000, net income is budgeted to be $21,400, and dividends are budgeted to be
$3,900.
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:
Plant and equipment, net
Total assets
Assets
Current liabilities:
Mecca Copy
Budgeted Balance Sheet
Liabilities and Stockholders' Equity
Stockholders' equity:
Ending
Balances
?
$ 9,500
$3,400
$ 41,000
$ 16,600
$ 3,200
$5,000
?
Total stockholders' equity
Total liabilities and stockholders' equity
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