Problem
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
|
|
Cash
|
?
|
|
Accounts receivable
|
8,600
|
|
Supplies inventory
|
4,900
|
|
Equipment
|
36,500
|
|
Accumulated depreciation
|
14,800
|
|
Accounts payable
|
2,300
|
|
Common stock
|
5,000
|
|
Retained earnings
|
?
|
The beginning balance of retained earnings was $33,000, net income is budgeted to be $17,500, and dividends are budgeted to be $3,300.
Required:
Prepare the company's budgeted balance sheet.