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	$ 10,100
Supplies inventory	$ 4,600
Equipment	$ 44,000
Accumulated depreciation	$ 17,800
Accounts payable	$ 3,800
Common stock	$ 5,000
Retained earnings	?

The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300.

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: \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline \end{tabular} Plant and equipment: Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & 0 \\ \hline \hline \end{tabular}