Question
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
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 $ 9,300 Supplies inventory $ 3,000 Equipment $ 40,000 Accumulated depreciation $ 16,200 Accounts payable $ 3,000 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $29,000, net income is budgeted to be $19,000, and dividends are budgeted to be $5,600. Required: Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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