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 $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 sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets: Total current assets Plant and equipment: Plant and equipment, net 0 00 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: Total stockholders' equity Total liabilities and stockholders equity 0

Answer 1

Assets
Current assets
Cash	12200
Account receivable	8100
Supplies inventory	3200
Total Current assets		23500
Property, plant and equipment
Equipment	34000
Less: Accumulated depreciation	-16000
Property, plant and equipment,net		18000
Total assets		41500
Liabilities and stockholder's equity
Current liabilities
Account payable		1800
Stockholder's equity
Common Stock	5000
Retained earnings	34700
Total Stockholder's equity		39700
Total liabilities and stockholder's equity		41500