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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 ? $ 8,300 $ 3,200 $ 35,000 $ 14, 200 $ 2,000 $ 5,000 ? 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.) Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash Accounts receivable Supplies inventory $ 12,000 8,300 3,200 $ 23,500 es $ 23,500 Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: Common stock Retained earnings 0 Total stockholders' equity Total liabilities and stockholders' equity $ $ 0
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