7131/2018 Assignment Print Viw .Award: 10.00 points The management of Mecca Copy

Question

7131/2018 Assignment Print Viw .Award: 10.00 points The management of Mecca Copy, a pholocapying center located on University Avenue, has the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash $ 9,200 $ 2,80O S 39,500 S 16,000 Supplies inventory Equipment Accounts payable Common stock Retained ea 2,900 $ 5,000 The beginning balance of retained eanings was $28,000, net income is budgeted to be $17,800, and dividends are budgeted to be $3.700 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 ecu pment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholdersequity Total stockholders' equity Total liabilities and stockholders' equity Hints 1/2

Explanation / Answer

Balance sheet :

Assets Current assets Cash 14500 Account receivable 9200 Supplies 2800 Total current assets 26500 Plant and equipment Equipment 39500 Less accumlated dep -16000 Plant and equipment net 23500 Total Assets 50000 Liabilities and stockholder's equity Current liabilities Account payable 2900 Stockholder's equity Common Stock 5000 Retained earnings 42100 Total Stockholder's equity 47100 Total liabilities and stockholder's equity 50000

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