Exercise 8-9 (Algo) 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 dividends are budgeted to be $5,200.

Required:

Prepare the companys 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
Total current assets		$0
Plant and equipment:
Equipment
Accumulated depreciation
Plant and equipment, net		0
Total assets		$0
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Stockholders' equity:
Common stock
Retained earnings
Total stockholders' equity		0
Total liabilities and stockholders' equity		$0