Mecca Copy
Budgeted Balance Sheet
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Assets
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Liabilities and Stockholders' Equity
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Current assets:
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Current liabilities:
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Cash (5%)
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$
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1 (0%)
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Accounts payable (5%)
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1 (0%)
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Common stock (0%)
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1 (0%)
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Stockholders' equity:
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Retained earnings (0%)
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1 (0%)
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Supplies inventory (0%)
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$
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1 (0%)
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Total current assets
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$
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1 (0%)
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Equipment (0%)
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1 (0%)
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Plant and equipment:
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Total stockholders' equity
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1 (0%)
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Building (0%)
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1 (0%)
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Retained earnings (0%)
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1 (0%)
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Plant and equipment, net
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1 (0%)
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Total assets
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$
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1 (0%)
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Total liabilities and stockholders' equity
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$
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1 (0%)
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Exercise 9-9 Budgeted Balance Sheet [LO10]
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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:
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Ending
Balances
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Cash
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?
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Accounts receivable
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$
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8,100
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Supplies inventory
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$
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3,200
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Equipment
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$
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34,000
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Accumulated depreciation
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$
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16,000
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Accounts payable
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$
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1,800
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Common stock
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$
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5,000
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Retained earnings
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?
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The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800.
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Required:
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Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.)
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Mecca Copy
Budgeted Balance Sheet
|
Assets
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
Current assets:
|
|
|
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Current liabilities:
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Cash
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$
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12,200
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Accounts payable
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1,800
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Accounts receivable
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8,100
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Stockholders' equity:
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Supplies inventory
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3,200
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Common stock
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$
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5,000
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Total current assets
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$
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23,500
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Retained earnings
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34,700
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Plant and equipment:
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Total stockholders' equity
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39,700
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Equipment
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34,000
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Accumulated depreciation
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-16,000
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Plant and equipment, net
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18,000
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Total assets
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$
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41,500
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Total liabilities and stockholders' equity
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$
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41,500
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