Question

The Michael Brantley Corporation has provided the following data for 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, 100 $ 2,600 $ 39,800 $ 15,800 $ 2,800 $ 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.) Michael Brantley Corporation Budgeted Balance Sheet Assets Current assets

Answer 1

BALANCE SHEET
Assets
Current assets:
Cash [25100-2600-9100]	$           13,400
Accounts receivable	$             9,100
Supplies inventory	$             2,600
Total current assets [48300-23200]		$        25,100
Non-current assets:
Equipment	$           39,000
Buildings	$           15,800	$        23,200
Total assets		$        48,300
Total liabilities and Stockholders' Equity
Current liabilities:
Acccounts payable	$             2,800
Total current liabilities		$           2,800
Non-current liabilities-Notes payable		$                  -
Total liabilities		$           2,800
Stockholders' Equity:
Common stock	$             5,000
Retained earnings [27000+16600-3100]	$           40,500
Total stockholders' equity		$        45,500
Total liabilities and stockholders' equity		$        48,300