value 15.00 points The management of Mecca Copy, a photocopying center located o

Question

value 15.00 points The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the year Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 8,400 $ 4,500 S 35,500 14,400 $ 2,100 S 5,000 The dividends are budgeted to be $5.000 balance of retained earnings was $31,000, net income is budgeted to be $15,100, and 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 DELL

Explanation / Answer

Mecca Copy Budgeted Balance Sheet Assets Current Assets Cash $14,200.00 Accounts Receivable $8,400.00 Supplies Inventory $4,500.00 Total Current Assets $27,100.00 Plant and Equipment Gross block $35,500.00 Accumulated Depreciation -$14,400.00 Plant and Equipment , net $21,100.00 Total Assets $48,200.00 Liabilities and Stockholders Equity Current Liabilities Accounts Payable $2,100.00 Stockholders Equity Common stock $5,000.00 Retained Earnings ,Beginning balance $31,000.00 Add : Net Income $15,100.00 Less : Dividends $5,000.00 Total Stockholders Equity $46,100.00 Total Liabilities and Stockholders Equity $48,200.00 Cash , ending balance = Total Liabilities and stockholders equity - Total assets except cash = $48200 - $34000 = $14,200 Retained Earnings , ending balance = Retained Earnings , beginning balance + Net Income - Dividends = $31000 + $15100 - $5000 = $41,100

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