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 $ 8,100 Supplies inventory $ 3,200 Equipment $ 34,000 Accumulated depreciation $ 16,000 Accounts payable $ 1,800 Common stock $ 5,000 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.

The preparation of the balance sheet is presented below:

Explanation:

                                                      Mecca Copy

                                        Budgeted Balance Sheet

Assets  

Current assets:  

Cash$12,200      (Balancing figure)  

Accounts receivable$8,100  

Supplies inventory        $3,200

Total current assets

Plant and equipment:  

Equipment$34,000  

Less: Accumulated depreciation-$16,000  

Plant and equipment, net$18,000

Total assets  $41,500

Liabilities and Stockholders' Equity  

Current liabilities:  

Accounts payable  $1,800

Stockholders' equity:  

Common stock$5,000  

Retained earnings $34,700

Total stockholders' equity  $39,700

Total liabilities and stockholders' equity$41,500

Note: Ending Retained earnings balance is

= beginning retained earning + net income - cash dividend paid

= $28,000 + $11,500 - $4,800

= $34,700

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