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 $ 8,300 Cash Accounts receivable Supplies Inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $ 3,200 $ 35,000 $14,200 $ 2,000 $ 5,000 The beginning balance of retained earnings was $30,000, net Income is budgeted to be $13,900, and dividends are budgeted to be $3,100 Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
