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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: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances 2 $ 9,500 $ 3,400 $ 41,000 $ 16,600 $ 3,200 $ 5,800 ? The beginning balance of retained earnings was $31000, net income is budgeted to be $21,400, and dividends are budgeted to be $3,900. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets $ 0 Total current assets Plant and equipment: Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets: S 0 Total current assets Plant and equipment: 0 $ 0 Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity S 0
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