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Prepare the company budgeted balance sheet

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Reference no: EM132767853

Question - The management of Streuling Enterprises has compiled the following data to use in preparing its budgeted balance sheet for next year:

Cash ?

Accounts receivable $24,700

Inventory 16,800

Equipment 46,000

Accumulated amortization 12,000

Accounts payable 42,000

Common shares 25,000

Retained earnings ?

The beginning balance of retained earnings was $22,000, net income is budgeted to be $9,500, and dividends are budgeted to be $4,500.

Required - Prepare the company's budgeted balance sheet. Pay attention to Retained earnings!

Reference no: EM132767853

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