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Accounting

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 $9,700
Supplies inventory $4,600
Equipment $32,000
Accumulated depreciation $15,300
Accounts payable $1,730
Common stock $5,300
Retained earnings ?

The beginning balance of retained earnings was $33,000, net income is budgeted to be $11,000, and dividends are budgeted to be $2,900.

Required: Prepare the company's budgeted balance sheet.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9984106

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