The management of Academic Copy, a photocopying center located - 17434

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yousafbhutta

yousafbhutta

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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 $ 6,500  
  Supplies inventory $ 2,100  
  Equipment $ 28,000  
  Accumulated depreciation $ 9,000  
  Accounts payable $ 1,900  
  Common stock $ 4,000  
  Retained earnings   ?  

 

The beginning balance of retained earnings was $21,000, net income is budgeted to be $8,600, and dividends are budgeted to be $3,500.

 

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.)

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Attachments
Ch8 Q9.docx
Ch8 Q9.docx