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 $ 8,800 $ 5,300 37,500 S 15,200 2,500 S 5,000 Equipment Accounts payable Common stock Retained earnings Thne begining belane of retained camings was $235,00, net income is budgeted to be $19,900, and Required: Prepare the company's budgeted balance sheet. (Amounts to be daducted should be indicated by a minus sign. Assets Current assets Total current Plant and Total Equity

Explanation / Answer

BUDGETED BALANCE SHEET :

ASSETS Current assets Cash 23100 Account receivable 8800 Supplies inventory 5300 TOTAL CURRENT ASSETS 37200 PLANT & EQUIPMENT Equipment 37500 Less: Accumlated dep -15200 PLANT & EQUIPMENT, NET 22300 TOTAL ASSETS 59500 LIABILITIES & STOCKHOLDER'S EQUITY Current liabilities Account payable 2500 STOCKHOLDER'S EQUITY Common stock 5000 Retained earnings 52000 TOTAL STOCKHOLDER'S EQUITY 57000 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 59500

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