Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please fill in the blanks where there needed. Exercise 8-9 (Algo) Budgeted Balance Sheet (LO8-10] The management of Mecca Copy, a photocopying center located on
Please fill in the blanks where there needed.
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: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances ? $ 9,400 $ 3,200 $ 40,500 $ 16,400 $ 3,100 $ 5,000 ? The beginning balance of retained earnings was $30,000, net income is budgeted to be $20,200, and dividends are budgeted to be $3,300. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) X Answer is not complete. Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash $ 18,300 Accounts receivable 9,400 Supplies inventory Equipment 3,200 40,500 X Total current assets $ 71,400 Plant and equipment: Plant and equipment, net 0 Total assets $ 71,400 Liabilities and Stockholders' Equity Current liabilities: x $ 16,400 Accumulated depreciation Stockholders' equity: Accounts payable x $ Common stock 3,100 X 5,000 46,900 Retained earnings Total stockholders' equity 55,000 Total liabilities and stockholders' equity $ 71,400 Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash $ 18,300 9,400 Accounts receivable 3,200 Supplies inventory Equipment 40,500 Total current assets $ 71,400 Plant and equipment: Plant and equipment, net 0 Total assets $ 71,400 Liabilities and Stockholders' Equity Current liabilities: $ 16,400 Accumulated depreciation Stockholders' equity: Accounts payable $ 3,100 Common stock 5,000 46,900 Retained earnings Total stockholders' equity 55,000 Total liabilities and stockholders' equity $ 71,400Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started