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EXERCISE 8–9 Budgeted Balance Sheet LO8–10 The management of Mecca Copy, a photocopying center located on...

EXERCISE 8–9 Budgeted Balance Sheet LO8–10

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 budgeted to be $11,500, and dividends are budgeted to be $4,800.

Required:

Prepare the company’s budgeted balance sheet.

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