16, 110 points The management of Academic Copy, a photooopying center located on

Question

16, 110 points The management of Academic Copy, a photooopying center located on University Avenue, has compiled the following data to use in preparing ts budgeted balance sheet for next year Ending Cash Aocounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stook Retained eamings $ 8.80D s 3.200 35,000 $ 15,500 S 1,790 3 5.200 The beginming baianes of retained earnings was $30,000. net income is budgeted to be $12.000, and dividends are budgeted to be $3.000. Required: Prepare the company's budgeted balance sheet (Amounts to be deducted should be indicated by a minus sign.) Aca Copy Budgeted Balance Sheet Assets Current assets Total current assets Plant and equipment Plent and equipment, net Total assets Current liabiliies Ssocikholders equty Tota/ stockhoiders equity Total liabates and stockholders eouity

Explanation / Answer

SOLUTION

Academic Copy

Budgeted Balance sheet

Explanation-

1. Cash = Plug figure

2. Retained Earnings-

Amount ($) Amount ($) ASSETS: Current assets: Cash 14,490   Accounts receivable 8,800   Supplies inventory 3,200 Total current assets 26,490 Plant and equipment: Equipment 35,000   Accumulated depreciation (15,500) Plant and equipment, net 19,500 Total assets 45,990 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable 1,790 Stockholders' equity: Common stock 5,200   Retained earnings 39,000 Total stockholders' equity 44,200 Total liabilities and stockholders' equity 45,990

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.