Question

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 ?

Check my work Exercise 8-9 Budgeted Balance Sheet [LO8-10] The management of Mecca Copy, a photocopying center located on University Avenue, has complled the following data to use In preparing its budgeted balance sheet for next year Ending $ ,100 $ 3,20o $ 3,000 Accounts receivable Supplles inventory Equipaant AccunuLated depreciation 16,000 Accounts payable Common stock $ 1,800 $5,000 The beginning balance of retained earnings was $28,0o0, net Income is budgeted to be $11,500, and dividends are budgeted to be S4,800. Required: Prepare the companys budgeted balance sheet. (Amounts to be deducted should be Indicated by a minus sign.) Assots Current assets Cash Accounts rocervable Supplies inventory S 12 200 6.100 3.200 Total current assots S 23,500 Plant and equipment: Plant and equipment, net Total assots S 23,500 Liabilities and StockholderS Equity Current labiiios Total stockholders oquty Total liabilities and stockholders oquity

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Answer #1
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
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