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:
Ending Balances | ||
Cash | ? | |
Accounts receivable | $ | 8,100 |
Supplies inventory | $ | 3,200 |
Equipment | $ | 34,000 |
Accumulated depreciation | $ | 16,000 |
Accounts payable | $ | 1,800 |
Common stock | $ | 5,000 |
Retained earnings | ? | |
Mecca Copy | |||
Budgeted Balance Sheet | |||
Assets | |||
Current Assets | |||
Cash | $12,200 | ||
Accounts Receivable | $8,100 | ||
Supplies Inventory | $3,200 | ||
Total Current Assets. | $23,500 | ||
Plant and equipment | |||
Equipment | $34,000 | ||
Accumulated depreciation | -$16,000 | ||
Plant and equipment net | $18,000 | ||
Total Assets | $41,500 | ||
Liabilities and Stockholder's Equity | |||
Current Liabilities | |||
Accounts payable | $1,800 | ||
Stockholders' Equity | |||
Common Stock | $5,000 | ||
Retained Earnings | $34,700 | ||
Total Stockholders' equity | $39,700 | ||
Total Liabilities and Stockholder's Equity | $41,500 | ||
Working | |||
Retained Earnings | |||
Beginning Balance | $28,000 | ||
Add:Net Income | $11,500 | ||
Less: Dividend | $4,800 | ||
Ending Balance | $34,700 | ||
Note: Cash is the balancing figure of Total liabilities and stockholders'equity | |||
less Plant and equipment net and other current assets |
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following...
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: Ending Balances Cash Accounts receivable $ 8,100 Supplies inventory 3,200 Equipment $34,000 Accumulated $16,000 depreciation Accounts payable Common stock Retained earnings $1,800 $ 5,000 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...
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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 8,100 $ 3,200 $ 34,000 $ 16,000 $ 1,800 $ 5,000 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 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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 9,600 $ 3,600 $ 41,500 $ 16,800 $ 3,300 $ 5,000 The beginning balance of retained earnings was $32,000, net income is budgeted to be $15,700, and dividends are budgeted to be $5,800. Required: Prepare...
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: Ending Balances Cash Accounts $ 9,100 receivable Supplies inventory $ 2,600 Equipment $39,000 Accumulated $15,800 depreciation Accounts payable $ 2,800 Common stock $ 5,000 Retained earnings 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...
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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 9,800 $ 4,000 $ 42,500 $ 17,200 $ 3,500 $ 5,000 The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,100, and dividends are budgeted to be $4,100. Required: Prepare...
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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock $ 8,600 4,900 36,500 $14,800 $ 2,300 5,000 Retained earnings The beginning balance of retained earnings was $33,000, net income is budgeted to be $17,500, and dividends are budgeted to be $3,300. Required: Prepare the company's budgeted balance...
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: Ending Balances Cash ? Accounts receivable $ 8,100 Supplies inventory $ 3,200 Equipment $ 34,000 Accumulated depreciation $ 16,000 Accounts payable $ 1,800 Common stock $ 5,000 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....
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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 9,800 $ 4,000 $ 42,500 $ 17,200 $ 3,500 $ 5,000 The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,100, and dividends are budgeted to be $4,100. Required: Prepare...
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: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 8.600 $ 4,900 $ 36,500 $ 14,800 $ 2.300 $ 5,000 The beginning balance of retained earnings was $33,000, net income is budgeted to be $17.500, and dividends are budgeted to be $3,300. Required: Prepare...
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 Ending Balances ? $ 9,000 $ 2,400 $ 38,500 $ 15,600 $ 2,700 $ 5,000 ? The beginning balance of retained earnings was $26,000, net income is budgeted to be $15.400, and dividends are budgeted to be $5,400...