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Prepare the company budgeted balance sheet

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Question - 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 $8,200

Supplies inventory $3,200

Equipment $34,500

Accumulated depreciation $14,000

Accounts payable $1,900

Common stock $5,000

Retained earnings ?

The beginning balance of retained earnings was $29,000, net income is budgeted to be $12,700, and dividends are budgeted to be $2,500.

Required - Prepare the company's budgeted balance sheet.

Reference no: EM132513541

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