| The management of Academic 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 | $ | 9,300 |
| Supplies inventory | $ | 3,500 |
| Equipment | $ | 34,000 |
| Accumulated depreciation | $ | 15,800 |
| Accounts payable | $ | 1,710 |
| Common stock | $ | 4,600 |
| Retained earnings | ? | |
| | ||
| The beginning balance of retained earnings was $34,000, net income is budgeted to be $12,000, and dividends are budgeted to be $3,400. |
| Required: |
| Prepare the company’s budgeted balance sheet.(Be sure to list the assets and liabilities in order of their liquidity.Amounts to be deducted should be indicated with minus sign. Omit the “$” sign in your response.) |
| Academic Copy Budgeted Balance Sheet | ||
| Assets | ||
| Current assets: | ||
| (Click to select)Supplies inventoryEquipmentAccounts receivableAccumulated depreciationCash | $ | |
| (Click to select)CashAccounts receivableEquipmentSupplies inventoryAccumulated depreciation | ||
| (Click to select)Accumulated depreciationSupplies inventoryCashEquipmentAccounts receivable | ||
| | ||
| Total current assets | $ | |
| Plant and equipment: | ||
| (Click to select)CashSupplies inventoryAccumulated depreciationEquipmentAccounts receivable | ||
| (Click to select)CashAccounts receivableAccumulated depreciationEquipmentSupplies inventory | ||
| | ||
| Plant and equipment, net | ||
| | ||
| Total assets | $ | |
| | ||
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| (Click to select)Bills payableNotes payableAccounts payableRetained earningsCommon stock | $ | |
| Stockholders’ equity: | ||
| (Click to select)EquipmentCommon stockBills payableNotes payableAccounts payable | ||
| (Click to select)Retained earningsBills payableAccounts PayableEquipmentNotes payable | ||
| | ||
| Total stockholders’ equity | ||
| | ||
| Total liabilities and stockholders’ equity | $ | |
| | ||
|
| ||
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