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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 | $ | 8,900 |
Supplies inventory | $ | 5,500 |
Equipment | $ | 38,000 |
Accumulated depreciation | $ | 15,400 |
Accounts payable | $ | 2,600 |
Common stock | $ | 5,000 |
Retained earnings | ? | |
The beginning balance of retained earnings was $25,000, net income is budgeted to be $21,100, and dividends are budgeted to be $3,500. |
Required: |
Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) |
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