SExercise 8-9 (Algo) Budgeted Balance Sheet [LO8-10]The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use inpreparing its budgeted balance sheet for next year:CashAccounts receivableSupplies inventoryEquipmentAccumulated depreciationAccounts payableCommon stockRetained earningsCurrent assets:The beginning balance of retained earnings was $29,000, net income is budgeted to be $19,000, and dividends are budgeted to be$5,600.Current assets:Required:Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)Total current assetsPlant and equipment:EndingBalances?Plant and equipment, netTotal assetsCurrent liabilities:$ 9,300$ 3,000$ 40,000$ 16,200$3,000$5,000?Stockholders' equity:Mecca CopyBudgeted Balance SheetAssetsMecca CopyBudgeted Balance SheetAssetsLiabilities and Stockholders' Equity

A budgeted balance sheet is a financial statement that outlines projected assets, liabilities, and…

Answered: The management of Mecca Copy, a…

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter21: Budgeting

Section: Chapter Questions

Problem 9DQ: A. Discuss the purpose of the cash budget. B. If the cash for the first quarter of the fiscal year...

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5 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: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings. Ending Balances ? $ 9,000 $ 2,400 $ 38,500 $ 15,600 $ 2,700 $ 5,000 ? The beginning balance of retained earnings was $26,000, net income is budgeted to be $15,400, and dividends are budgeted to be $5,400. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Check my work 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 ? $ 8,100 Cash Accounts receivable Supplies inventory Equipment $ 3,200 $ 34,000 Accumulated depreciation $ 16,000 $ 1,800 $ 5,000 ? Accounts payable Common stock 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 $4,800. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets: Total current assets
Do not provide solution in imge format. and also do not provide plagarised content otherwise i dislike. The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year.CashEnding Balances ?Accounts receivable$ 8,700Supplies inventory$ 5,100Equipment$ 37,000Accumulated depreciation$ 15,000 $ 2,400Accounts payableCommon stock$ 5,0007Retained earningsThe beginning balance of retained earnings was $34,000, net income is budgeted to be $18,700, and dividends are budgeted to be $5,200.Required:Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.
In the Budgeted Balance Sheet how do we arrive at the following... Accounts Recievable Prepaid Insurance Property and equipment Accounts Payable Common Stock Retained Earnings Thank You!
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. Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances $ ? 8,300 $ 3,200 $ 35,000 $14,200 $ 2,000 $ 5,000 7 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.) Mecca Copy Budgeted Balance Sheet Current assets: Assets Total current assets Plant and equipment Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
Required Givi Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Assets Cash Accounts receivable. Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Exercise 8-13 (Algo) Beech Corporation Balance Sheet June 30 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $240,000, $260,000, $250,000, and $270,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of…
Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 86,000 Accounts receivable 138,000 Inventory 75,000 Plant and equipment, net of depreciation 229,000 Total assets $ 528,000 Liabilities and Stockholders’ Equity Accounts payable $ 90,000 Common stock 351,000 Retained earnings 87,000 Total liabilities and stockholders’ equity $ 528,000 Exercise 8-12 (Algo) Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $400,000, $420,000, $410,000, and $430,000,…
Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 86,100 Plant and equipment, net of depreciation 230,000 Total assets $ 529,100 Liabilities and Stockholders’ Equity Accounts payable $ 91,000 Common stock 312,000 Retained earnings 126,100 Total liabilities and stockholders’ equity $ 529,100 Exercise 8-12 (Algo) Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000,…
Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: Ending Balances eBook Hint Print Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings ? $ 8,100 $ 3,200 $ 34,000 $ 16,000 $ 1,800 $ 5,000 ? The beginning balance of retained earnings was $28,000, budgeted net income is $11,500, and budgeted dividends are $4,800. Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign.
Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 86,000 Accounts receivable 138,000 Inventory 75,000 Plant and equipment, net of depreciation 229,000 Total assets $ 528,000 Liabilities and Stockholders’ Equity Accounts payable $ 90,000 Common stock 351,000 Retained earnings 87,000 Total liabilities and stockholders’ equity $ 528,000 Exercise 8-12 (Algo) Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $400,000, $420,000, $410,000, and $430,000,…
Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Debit $ 52,200 122, 200 66, 200 127,200 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expenses 362,200 10, 200 12, 200 124, 200 $ 876,600 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. $ Credit 0 0 $ 27,200 36,200 24, 200 205,500 61,300 522, 200 $ 876,600
a .Prepare an estimate of cash position for three months from April to June b. Based on the budget prepared, evaluate the cash position of the comupany, give your comments and provide suitable suggestion to the management on effective cash managenent.

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