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The management of 'Stationaries R us', a photocopying center located on Midland Avenue, has compiled the following data to use in preparing its budgeted balance
The management of 'Stationaries R us', a photocopying center located on Midland Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:
Ending Balance
Cash
Accounts receivable
Supplies Inventory
Equipment
Accumulated depreciation
Common stock
Retained earnings
$15,000
$7,900
$3,000
$16,000
$1,400
$5,000
The beginning balance of retained earnings was $32.000. net income is budgeted to be $17.000. and dividends are budgeted to be $7,800. Prepare the company's budgeted balance sheet.
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