Prepare a 2nd properly formatted balance sheet with net income budgeted to be $87,500 and dividends are budgeted to be $10,000. Consider the second balance sheet you created and provide an explanation of the likely other balance accounts that would change (increase/decrease/remain the same) in response to such a significant increase in net income.
Assignment Question The Management of FastCopy Inc, a Photocopying center located on Morris Ave, In Union NJ, completed the following data for use in preparing its budgeted balance sheet for the next year: Ending Balances Cash ? Accounts Recievable $8,100 Supplies Inventory $3,200 Equipment $34,000 Accumulated Depreciation $16,000 Accounts Payable $1,800 Common Stock $5,000 Retained … Read more