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 $ 10,100 Supplies inventory $ 4,600 Equipment $ 44,000 Accumulated depreciation $ 17,800 Accounts payable $ 3,800 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300.

Mecca Copy

Budgeted Balance Sheet

Ending Balances Cash                             $22,300

Accounts receivable                                 $ 10,100

Supplies inventory                                    $ 4,600

Equipment                          $ 44,000

Accumulated depreciation $ 17,800      $26,200

Total Assets                                             $63,200

Accounts payable                                     $ 3,800

Common stock                                         $ 5,000

Retained earnings                                   $54,400

Total Liabilities + Stockholders' Equity  $63,200

Explanation:

a) Data and Calculations:

Ending Balances Cash ?

Accounts receivable                             $ 10,100

Supplies inventory                                $ 4,600

Equipment                          $ 44,000

Accumulated depreciation $ 17,800  $26,200

Total Assets                                        $

Accounts payable                                 $ 3,800

Common stock                                     $ 5,000

Retained earnings ?

Beginning Retained Earnings = $37,000

Net Income                              =    21,700

Dividends                                =     (4,300)

Ending Retained Earnings     =  $54,400

Cash = Total assets - Accounts receivable - Inventory - Equipment

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