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cant figure this out. would love some help! The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data
cant figure this out. would love some help!
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 $ 9,700 Supplies inventory $ 3,800 Equipment $ 42,000 Accumulated depreciation $ 17,000 Accounts payable $ 3,400 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $33,000, net income is budgeted to be $16,900, and dividends are budgeted to be $3,500 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: Cash $ Accounts receivable Supplies inventory 19.500 9,700 3,800 $ 33,000 25,000 58.000 $ Total current assets Plant and equipment: Equipment 42,000 Accumulated depreciation (17,000) Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity Common stock $ 5,000 Retained earnings 49,600 $ 3,400 Total stockholders' equity Total liabilities and stockholders' equity 54,600 58.000 $ Step by Step Solution
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