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The management of Mecca Copy, a photocopying center located on University Avenue, has complled the following data to use in preparing its budgeted balance sheet
The management of Mecca Copy, a photocopying center located on University Avenue, has complled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash 2 Accounts receivable $ 9,800 Supplies inventory $ 4,000 Equipment $ 42,500 Accumulated depreciation $ 17,200 Accounts payable $ 3,500 Common took $ 5.000 Retained earning The beginning balance of retained earnings was $34,000, net income is budgeted to be $18,100, and dividends are budgeted to be $4,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be Indicated by a minus slgn.) Mecca Copy Budgeted Balance Sheet Assets Current Assets Total current assets Plant and equipment Requireu. 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: Total current assets Plant and equipment Plant and equipment, not Total assets Liabilities and Stockholders' Equity Curront liabilities: Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
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