Q1) Management of Mecca Copy, photocopying center located on University Avenue, has compiled given 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 |
? |
Starting balance of retained earnings was $28,000, net income is butgeted to be $11,500, and dividends are butgeted to be $4,800.
Question:
Create company budgeted balance sheet.