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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 | $ | 9,000 |
Supplies inventory | $ | 2,400 |
Equipment | $ | 38,500 |
Accumulated depreciation | $ | 15,600 |
Accounts payable | $ | 2,700 |
Common stock | $ | 5,000 |
Retained earnings | ? | |
The beginning balance of retained earnings was $26,000, net income is budgeted to be $15,400, and dividends are budgeted to be $5,400.
Required:
Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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