The management of Mecca Copy, a photocopying center located on University Avenue

Question

The management of Mecca 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 Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings S 10,000 $ 4,400 $ 43,500 s 17,600 3,700 $ 5,000 The beginning balance of retained earnings was $36,000, net income is budgeted to be $20,500, and The bnod aine ugned o be 5370 amings wa0 bugeted to be 9 500, an Required: re the company's budgeted balance sheet (Amounts to be deducted should be indicated by s minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets Total current assets Plant and equipment Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Stockholders' equity Total stockholders' equity Total Sabilities and stockholders equity O Type here to search

Explanation / Answer

Company's balance sheet :

Assets Current assets Cash 21200 Account receivable 10000 Supplies 4400 Total current assetss 35600 Plant and equipment Equipment 43500 Less: Accumlated depreciation (17600) Plant and equipment net 25900 Total assets 61500 Liabilities and stockholder's equity Current liabilities Account payable 3700 Stockholder's equity Common stock 5000 Retained earnings (36000+20500-3700) 52800 Total stockholder's equity 57800 Total liabilities and stockholder's equity 61500

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

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