a photocopying center located on University Avenue, has compiled the following d

Question

a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 8,100 $ 3,200 $ 34,000 S 16,000 $ 1,800 $ 5,000 The beginning baliance of retained earnings was $28,000, net income is budgeted to be $11.500, and dividends are budgeted to be $4 800 Required: Prepare the company's budgeted balance sheet (Amounts to be deducted should be indieated by a minus sign) Mecca Copy Budgeted Balance Sheet Assets Current assets Total current assets Plant and equipsent Plant and equipment nat Total assa Liablities and Stockholders Equity

Explanation / Answer

Ending Retained Earnings balance Beginning Retained Earnings $28,000 Add : Net income $11,500 Less : Dividend Budgeted $4,800 Ending Retained Earnings $34,700 Mecca Copy Budgeted Balance Sheet Assets Current Assets Cash (balancing figure) $12,200.00 Accounts Receivable $8,100.00 Supplies Inventory $3,200.00 Total Current Assets $23,500.00 Plant and Equipment Equipment $34,000.00 Accumulated Depreciation -$16,000.00 Plant and Equipment,net $18,000.00 Total Assets $41,500.00 Liabilities and Stockholders Equity Current Liabilities Accounts Payable $1,800.00 Stockholders Equity Common stock $5,000.00 Retained Earnings $34,700.00 Total Stockholders Equity $39,700.00 Total Liabilities and Stockholders Equity $41,500.00

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