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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:
EndingBalancesCash ?Accounts receivable $9,700Supplies inventory $4,600Equipment $32,000Accumulated depreciation $15,300Accounts payable $1,730Common stock $5,300Retained earnings ?
The beginning balance of retained earnings was $33,000, net income is budgeted to be $11,000, and dividends are budgeted to be $2,900.
Required: Prepare the company's budgeted balance sheet.
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