Reference no: EM132593756
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:
Question 1: Prepare the company's budgeted balance sheet.
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