Ex 7-9 The companys budget balance sheet

apsorption costing income statement format EXERCISE 7-9 Budgeted Balance Sheet [Lo7-10 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 TAKE TWO Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings $8,100 $3,200 $34,000 $16,000 $1,800 $5,000 Net income $10,00 The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and divi- dends are budgeted to be $4,800. Required: Prepare the company's budgeted balance sheet. auol Budgets It 01-3.LO7-41