The management of Mecca Copy, a photocopying centre located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Cash......................................................................? Accounts Receivable.........................$8100 Supplies Inventory..............................$3200 Equipment...........................................$34000 Accumulated Depreciation...........$16000 Accounts Payable................................$1800 Common Shares.................................$5000 Retained Earnings.........................................? The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800. Required: Prepare the company's budgeted balance sheet.
The management of Mecca Copy, a photocopying centre located on University Avenue, has compiled the following data to use in preparing its budgeted
Cash......................................................................?
Supplies Inventory..............................$3200
Equipment...........................................$34000
Accounts Payable................................$1800
Common Shares.................................$5000
The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800.
Required:
Prepare the company's budgeted balance sheet.
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