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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 Ending: Balances 7 $ 9,900 $ 4,200 Supplies inventory Equipment $ 43,000 Accumulated depreciation $ 17,400 Accounts payable $ 3,600 Common stock $ 5,000 Retained earnings The beginning balance of retained earnings was $35,000, net income is budgeted to be $19,300, and dividends are budgeted to be $6,000. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Current assets: Mecca Copy Budgeted Balance Sheet Assets Total current assets Plant and equipment:
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