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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
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: Cash Accounts receivable Supplies inventory Equipment Ending Balances ? $ 8,500 $ 4,700 $ 36,000 Accumulated depreciation $ 14,600 Accounts payable $ 2,200 Common stock Retained earnings $ 5,000 ? The beginning balance of retained earnings was $32,000, net income is budgeted to be $16,300, and dividends are budgeted to be $2,700. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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