In: Accounting
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.)
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| 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 | |
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