Question

The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following...

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 $ 8,500
  Supplies inventory $ 4,700
  Equipment $ 36,000
  Accumulated depreciation $ 14,600
  Accounts payable $ 2,200
  Common stock $ 5,000
  Retained earnings ?


The beginning balance of retained earnings was $32,000, net income is budgeted to be $16,300, and dividends are budgeted to be $2,700.


Required:

Prepare the company’s budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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