The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following...

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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 Common stock Retained earnings ? $ 9,300 $ 3,000 $ 40,000 $ 16,200 $ 3,000 $ 5,000 ? The beginning balance of retained earnings was $29,000, net income is budgeted to be $19,000, and dividends are budgeted to $5,600. Required: Prepare the company's budgeted balance sheet. Note: 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: EA 0 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 Common stock Retained earnings ? $ 9,300 $ 3,000 $ 40,000 $ 16,200 $ 3,000 $ 5,000 ? The beginning balance of retained earnings was $29,000, net income is budgeted to be $19,000, and dividends are budgeted to $5,600. Required: Prepare the company's budgeted balance sheet. Note: 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: EA 0

Answer rating: 100% (QA)

Mecca Copy Budgeted Balance Sheet As of Date Curren... View the full answer