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 2$ 9,200 2,800 $ 39,500 $ 16,000 2,900 5,000 Common stock Retained earnings The beginning balance of retained earnings was $28,000, net income is budgeted to be $17,800, and dividends are budgeted to be $3,700. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

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 2$ 9,200 2,800 $ 39,500 $ 16,000 2,900 5,000 Common stock Retained earnings The beginning balance of retained earnings was $28,000, net income is budgeted to be $17,800, and dividends are budgeted to be $3,700. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 6PA: Budgeted income statement and balance sheet As a preliminary to requesting budget estimates of...

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