Prepare the company's budgeted balance sheet.
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:
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Ending Balances
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Cash
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?
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Accounts receivable
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$8,100
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Supplies inventory
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$3,200
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Equipment
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$34,000
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Accumulated depreciation
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$16,000
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Accounts payable
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$1,800
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Common stock
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$5,000
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Retained earnings
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?
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The beginning balance of retained earnings was $28,000, net income is butgeted to be $11,500, and dividends are butgeted to be $4,800.
Required:
Purpose the company budgeted balance sheet.