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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:
Ending Balances
Cash
?
Accounts receivable
$8,100
Supplies inventory
$3,200
Equipment
$34,000
Accumulated depreciation
$16,000
Accounts payable
$1,800
Common stock
$5,000
Retained earnings
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.
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