The management of Mecca Copy, a photocopying centre located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Cash......................................................................? Accounts Receivable.........................$8100 Supplies Inventory..............................$3200 Equipment...........................................$34000 Accumulated Depreciation...........$16000 Accounts Payable................................$1800 Common Shares.................................$5000 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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The management of Mecca Copy, a photocopying centre located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:

Cash......................................................................?

Accounts Receivable.........................$8100

Supplies Inventory..............................$3200

Equipment...........................................$34000

Accumulated Depreciation...........$16000

Accounts Payable................................$1800

Common Shares.................................$5000

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.

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