Question

please complete

The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following daty to use in preparing its budgeted balance sheet for next year: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 9,400 $ 3,200 $ 40,500 $ 16,400 $ 3,100 $ 5,000 The beginning balance of retained earnings was $30,000, net income is budgeted to be $20,200, and dividends are budgeted to be $3,300.

Answer 1

Budgeted balance sheet Assets Current assets: Cash Accounts receivable Supplies inventory 18,300 9,400 3,200 30,900 Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets 40,500 (16,400) 24,100 55,000 3,100 Liabilities and stockholders' equity Current liabiliites: Accounts payable Stockholders' equity: Common stock 5,000 Retained earnings (30,000+20, 200-3,300) . Total stockholders' equity Total liabilities and stockholders' equity 51,900 55,000