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Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: Ending Balances Cash
Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year:
Ending Balances | |
---|---|
Cash | ?question mark |
Accounts receivable | $ 8,200 |
Supplies inventory | $ 3,200 |
Equipment | $ 34,500 |
Accumulated depreciation | $ 14,000 |
Accounts payable | $ 1,900 |
Common stock | $ 5,000 |
Retained earnings | ?question mark |
The beginning balance of retained earnings was $29,000, budgeted net income is $12,700, and budgeted dividends are $2,500.
Required:
Prepare the companys budgeted balance sheet.
Note: Amounts to be deducted should be indicated by a minus sign.
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