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 $ 10,100 Supplies inventory $ 4,600 Equipment $ 44,000 Accumulated depreciation $ 17,800 Accounts payable $ 3,800 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300.

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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: Ending Balances Cash ? Accounts receivable $ 10,100 Supplies inventory $ 4,600 Equipment $ 44,000 Accumulated depreciation $ 17,800 Accounts payable $ 3,800 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300.

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anthougo anthougo · Answer 1 · 2025-03-30T13:42:14-04:00

Answer:

Mecca Copy

Budgeted Balance Sheet

Ending Balances Cash $22,300

Accounts receivable $ 10,100

Supplies inventory $ 4,600

Equipment $ 44,000

Accumulated depreciation $ 17,800 $26,200

Total Assets $63,200

Accounts payable $ 3,800

Common stock $ 5,000

Retained earnings $54,400

Total Liabilities + Stockholders' Equity $63,200

Explanation:

a) Data and Calculations:

Ending Balances Cash ?

Accounts receivable $ 10,100

Supplies inventory $ 4,600

Equipment $ 44,000

Accumulated depreciation $ 17,800 $26,200

Total Assets $

Accounts payable $ 3,800

Common stock $ 5,000

Retained earnings ?

Beginning Retained Earnings = $37,000

Net Income = 21,700

Dividends = (4,300)

Ending Retained Earnings = $54,400

Cash = Total assets - Accounts receivable - Inventory - Equipment