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please answer both 2 questions. if you are just going to answer one do not answer please. Gig Harbor Boating is the wholesale distributor of
please answer both 2 questions. if you are just going to answer one do not answer please.
Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sallboat. Management has prepared the following summary data to use in its annual budgeting process: Mequired: Prepare the company's budgeted income statement for the yeat. Required: Prepare the company's budgeted income statement for the year. The management of Mecca Copy, a photocopying center located on University Avenue, has complled the following data to use in preparing its budgeted balance sheet for next year: The beginning balance of retained eamings was $35.000, net income is budgeted to be $19.900, and dividends are budgeted to be $2,900 Required: Prepare the company's budgeted balance sheet (Amounts to be deducted should be indicated by a minus sign.) \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Mecca Copy } \\ \multicolumn{1}{|c|}{ Budgeted Balance Sheet } \\ \hline \multicolumn{1}{|c|}{ Assets } & & \\ \hline Current assets: & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Plant and equipment: & & \\ \hline Liabilities and Stockholders' Equity & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Total assets } & \multicolumn{1}{|c|}{ Liabilities and Stockholders' Equity } \\ \hline & & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline Stockholders' equity: & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \end{tabular} Step by Step Solution
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