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: The beginning balance of retained earnings was $32,000, net income is budgeted to be $15,700, and dividends are budgeted to be $5,800. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be lidicated by a minus sign.) \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Mecca Copy } \\ \hline \multicolumn{2}{|c|}{ Assets } & \\ \hline Current assets: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Plant and equipment: & & \\ \hline & & \\ \hline & & \\ \hline Plant and equipment, net & & \\ \hline Total assets & & \\ \hline \multicolumn{1}{|c|}{ Liabilities and Stockholders' Equity } & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline Stockholders' equity: & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): The selling price of the company's product is $21 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectiole. The beginning bolance of accounts receivable, all of which is expected to be collected in the first quarter, is $72,600. The company expects to start the first quarter with 2,440 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,640 units. Required: 1. Calculate the estimated sales for each quarter of the facal year and for the year as a whole. 2. Calculate the expected tash collections for each quarter of the fiscal year and for the year as a whole. 3. Colculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. The selling price of the company's product is $21 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $72.600 The company expects to start the first quarter with 2.440 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. Tho desired ending finished goods inventory for the fourth quarter is 2,640 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 2. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. the fourth quarter is 2.640 unth. Required
