Question
.The management of Usman Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet
.The management of Usman 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 . . . . . . . . . . . . . $6,500 Supplies inventory . . . . . . . . . . . . . . . $2,100 Equipment . . . . . . . . . . . . . . . . . . . . . $28,000 Accumulated depreciation . . . . . . . . . $9,000 Accounts payable . . . . . . . . . . . . . . . $1,900 Common stock . . . . . . . . . . . . . . . . . $4,000 Retained earnings . . . . . . . . . . . . . . ? The beginning balance of retained earnings was $21,000, net income is budgeted to be $8,600, and dividends are budgeted to be $3,500. Required: Prepare the company's budgeted balance sheet.
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