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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 $ 8,900 Supplies inventory $ 5,500 Equipment $ 38,000 Accumulated depreciation $ 15,400 Accounts payable $ 2,600 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $25,000, net income is budgeted to be $21,100, and dividends are budgeted to be $3,500.

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Tundexi

Answer:

                                      Mecca Copy

                             Budgeted Balance Sheet

Assets

Current assets:

Cash                                    13200  

Accounts receivable           8900  

Supplies inventory              5500

Total current assets                                27600

Plant and equipment:  

Equipment                            38000  

Accumulated depreciation  (15400)

Plant and equipment, net                         22600

Total assets                                               50200

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable                                           2600

Stockholders' equity:  

Common stock                     5000  

Retained earnings              42600

Total stockholders' equity                              47600

Total liabilities and stockholders' equity     50200

Note: Retained earnings = beginning balance of retained earnings + Net income - Dividend

= 25,000 + 21100 - 3500

= 42,600

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