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 Ending Balances ? Supplies inventory $ 9,100 $ 2,600 Equipment $ 39,000 Accumulated depreciation $ 15,800 Accounts payable $ 2,800 Common stock Retained earnings $ 5,000 ? The beginning balance of retained earnings was $27,000, net income is budgeted to be $16,600, and dividends are budgeted to be $3,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets:
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 Ending Balances ? Supplies inventory $ 9,100 $ 2,600 Equipment $ 39,000 Accumulated depreciation $ 15,800 Accounts payable $ 2,800 Common stock Retained earnings $ 5,000 ? The beginning balance of retained earnings was $27,000, net income is budgeted to be $16,600, and dividends are budgeted to be $3,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Ending
Balances
?
$ 9,100
Supplies inventory
$ 2,600
Equipment
$ 39,000
Accumulated depreciation
$ 15,800
Accounts payable
$ 2,800
Common stock
$
Retained earnings
5,000
?
The beginning balance of retained earnings was $27,000, net income is budgeted to be $16,600, and dividends are budgeted to be
$3,100.
Required:
Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Mecca Copy
Budgeted Balance Sheet
Assets
Current assets:
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