Answer Happy

Exercise 8-9 (Algo) Budgeted Balance Sheet (L08-10) 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: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Dalances 7 $ 8.800 $ 5,300 $ 37,500 15,200 $ 2,500 $5,000 > The beginning balance of retained earnings was $35,000, net income is budgeted to be $19,900, and dividends are budgeted to be $2,900 Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash Accounts receivable Supplies inventory 8,800 5,300 $ 20,200 37,500 37,500 57,700 $ Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: Common stock Retained earnings 0 Total stockholders' equity Total liabilities and stockholders' equity $ $ 0