https s Graded Exercises Help Save Exit Subr Check my wer T

https:/ s Graded Exercises Help Save & Exit Subr Check my wer The management of Mecca Copy, a photocopying center located on University Avenue, has comp preparing its budgeted balance sheet for next year: Ending Balances Cash Accounts receivable9,90e Supplies inventory $ 4,200 Equipment Accumulated depreciation Accounts payable 3,600 Common stock Retained earnings $ 43,000 17,40e $5,000 The beginning balance of retained earnings was $35,000. net income is budgeted to be $19,300, and dividends are budgeted to be $6,000. Required: Prepare the company\'s budgeted balance sheet (Amounus to be deducted should be indicated by a minus sign.) Mecca Copy

Solution

     Budgeted balance sheet

Assets

Current Assets:

Cash [$56900 - 25600 - 9900 - 4200] 17200

Accounts receivables 9900

supplies inventories 4200   

Total current assets 31300

Plant and equipment 43000

less:Accumulated depreciation 17400

Plant and equipment,net 25600

Total Assets $56900

Liabilities and stockholder\'s equity

Current liabilities

Accounts payable 3600

stockholder\'s equity

Common stock 5000

Retained earnings 48300

Total stockholder\'s equity 53300

Total Liabilities and stockholder\'s equity $56900

Note:- Statement of Retained earnings

Beginning balance =35000

Add: net income =19300

less: dividend = 6000

   Ending balance = 48300