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The management of Mecoa Copy, a photocopying center located on University Avenue, has compiled the Following data to use in preparing its budgeted balance sheet
The management of Mecoa Copy, a photocopying center located on University Avenue, has compiled the Following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 9,000 $ 2.400 $38.500 $15.600 $ 2.700 $ 5.000 ? The beginning balance of retained earnings was $28.000, net income is budgeted to be $15,400, and dividends are budgeted to be $5,400. 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: Total current assets Plant and equipment: Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders equity: Total stockholders equity Total liabilities and stockholders equity
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