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Q1) Management of Mecca Copy, photocopying center located on University Avenue, has compiled given data to use in preparing its budgeted balance sheet for next year:

  Ending Balances
Cash ?
Accounts receivable $8,100
Supplies inventory $3,200
Equipment $34,000
Accumulated depreciation $16,000
Accounts payable $1,800
Common stock $5,000
Retained earnings ?

Starting balance of retained earnings was $28,000, net income is butgeted to be $11,500, and dividends are butgeted to be $4,800.

problem:

Create company budgeted balance sheet.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918783

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