EXERCISE 8–9 Budgeted Balance Sheet LO8–10
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:
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 | ? |
The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800.
Required:
Prepare the company’s budgeted balance sheet.
Get Answers For Free
Most questions answered within 1 hours.