Answer Happy

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 Current assets: The beginning balance of retained earnings was $29,000, net income is budgeted to be $19,000, and dividends are budgeted to be $5,600. Assets Total current assets Plant and equipment: Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be Indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Ending Balances ? $ 9,300 $ 3,000 Total stockholders' equity Total liabilities and stockholders' equity $ 40,000 $ 16, 200 $ 3,000 $ 5,000 ?