Connect e Accounting question l Chegg Niko × .Cnewconnect.mheducation.com/flow/c

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Connect e Accounting question l Chegg Niko × .Cnewconnect.mheducation.com/flow/connect.html?sessionid-24011461 15039732592275d9d6b70289c440b80a4e921a55d1dbc&emailenaanast;%40ilstu.edu Apps MyLab & Mastering I..nois State Universi.. @ Chapter 8 Homework Saved Help Save & Exit Submit 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: 8 Ending Balances Cash Accounts receivable $ 9,600 $ 3,600 41,500 Supplies inventory Equipment Accumulated depreciation 16,800 Accounts payable Common stock 1.25 points $ 3,300 $5,000 Retained earnings eBook Print ReferencesThe beginning balance of retained earnings was $32,000, net income is budgeted to be $15,700, and dividends are budgeted to be $5,800. 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: Mc Graw Hill

Explanation / Answer

Retained earning=Beginning+net income-dividend

           = 32000+15700-5800

         = 41900

**Total asset =total liabilities and equity = 50200

Current asset =Total asset -plant

       = 50200-24700 = 25500

cash =25500-9600-3600= 12300

Budgeted Balance sheet Asset Current asset Cash 12300** Accounts receivable 9600 supplies inventory 3600 Total current asset 25500 Plant and Equipment Equipment 41500 Accumulated depreciation -16800 Plant and equipment,net 24700 Total asset 50200 Liabilities and stockholders equity current liabilities Accounts payable 3300 stockholders equity common stock 5000 Retained earning 41900 Total stockholders equity 46900 Total liabilities and stockholders equity 50200

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