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Accounting

Problem

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	8,600
Supplies inventory	4,900
Equipment	36,500
Accumulated depreciation	14,800
Accounts payable	2,300
Common stock	5,000
Retained earnings	?

The beginning balance of retained earnings was $33,000, net income is budgeted to be $17,500, and dividends are budgeted to be $3,300.

Required:

Prepare the company's budgeted balance sheet.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92748704

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