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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 ? $ 8,300 Cash Accounts receivable Supplies inventory Equipment $ 3,200 $ 35,000 Accumulated depreciation $ 14,200 $ 2,000 $ 5,000 ? Accounts payable Common stock Retained earnings The beginning balance of retained earnings was $30,000, net income is budgeted to be $13,900, and dividends are budgeted to be $3,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Current assets: Total current assets Plant and equipment: Plant and equipment, net Total assets Mecca Copy Budgeted Balance Sheet Assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total stockholders' equity Total liabilities and stockholders' equity
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