Question

In: Accounting

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 $ 9,800
Supplies inventory $ 4,000
Equipment $ 42,500
Accumulated depreciation $ 17,200
Accounts payable $ 3,500
Common stock $ 5,000
Retained earnings ?


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:

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
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Stockholders' equity:
Total stockholders' equity
Total liabilities and stockholders' equity

Solutions

Expert Solution

Mecca Copy
Budgeted balance sheet
Assets
Current assets
Cash ($56,500-$9,800-$4,000-$25,300) $   17,400
Accounts receivable $      9,800
Supplies inventory $      4,000
Total current assets $ 31,200
Plant and equipment
Equipment $   42,500
Accumulated depreciation $ (17,200)
Plant and equipment, net $ 25,300
Total assets $ 56,500
   Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $    3,500
Stockholders' equity:
Common stock $      5,000
Retained earnings (34,000+18,100-4,100) $   48,000
Total stockholders' equity $ 53,000
Total liabilities and stockholders' equity $ 56,500

You can reach me over comment box, if you have any doubts. Please rate this answer


Related Solutions

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 $ 8,500 Supplies inventory $ 4,700 Equipment $ 36,000 Accumulated depreciation $ 14,600 Accounts payable $ 2,200 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $32,000, net income is budgeted to be $16,300, and dividends are budgeted to be $2,700....
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 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...
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...
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 $ 8,500 Supplies inventory $ 4,700 Equipment $ 36,000 Accumulated depreciation $ 14,600 Accounts payable $ 2,200 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $32,000, net income is budgeted to be $16,300, and dividends are budgeted to be $2,700....
Exercise 8-9 Budgeted Balance Sheet [LO8-10] The management of Mecca Copy, a photocopying center located on...
Exercise 8-9 Budgeted Balance Sheet [LO8-10] 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 $ 8,700 Supplies inventory $ 5,100 Equipment $ 37,000 Accumulated depreciation $ 15,000 Accounts payable $ 2,400 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,700, and...
Exercise 7-9 Budgeted Balance Sheet [LO7-10] The management of Mecca Copy, a photocopying center located on...
Exercise 7-9 Budgeted Balance Sheet [LO7-10] 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 $ 9,500   Supplies inventory $ 3,400   Equipment $ 41,000   Accumulated depreciation $ 16,600   Accounts payable $ 3,200   Common stock $ 5,000   Retained earnings ? The beginning balance of retained earnings was $31,000, net income is budgeted to be $21,400, and...
The Center for Project Management in San Ramon, California, examined 24 IT projects and compiled a...
The Center for Project Management in San Ramon, California, examined 24 IT projects and compiled a list of ten dumb mistakes. The center then presented this list to 50 conference attendees and asked them to grade their organization on each mistake. The average grade was between a C+ and D. Here are the ten mistakes: 1. Mistaking every half-baked idea for a viable project. 2. Overlooking stakeholders, forgetting the champions, and ignoring the nemesis. 3. Not assessing the project's complexity....
Consider a Coffee-shop located at the School University Center, which is managed by student association, and...
Consider a Coffee-shop located at the School University Center, which is managed by student association, and some students work there as a manager, in the kitchen, in customer service etc. You can consider all students workers as a general term “student_employee”. As a system designer your task is to design a UML class for a “student-employee”, try to code in C# or any OOP language, create two sample objects and show inheritances from student to the student_employee.
Add a new product: Mac’s juice center, located near the university, serves as a gathering place...
Add a new product: Mac’s juice center, located near the university, serves as a gathering place for the university’s students. It sells orange juice at a contribution of $0.60 per bottle. Mac is considering selling sandwiches. He analyzed the following costs of adding sandwiches: Per month Per Sandwich Monthly fixed costs: Variable expenses: Wages of cook $ 1,200 Bread $0.20 Other $   300 Vegetables $0.60 Total $ 1,500 Total $0.80 Mac planned a selling price of $1.20 per sandwich to...
According to the University of Nevada Center for Logistics Management, 12% of all merchandise sold in...
According to the University of Nevada Center for Logistics Management, 12% of all merchandise sold in the United States gets returned. A Houston department store sampled 110 items sold in January and found that 15 of the items were returned. A. Construct a point estimate of the proportion of items returned for the population of sales transactions at the Houston store. .1364 (to 4 decimals) B. Construct a confidence interval for the proportion of returns at the Houston store. ?...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT