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
Cash		?
Accounts receivable	$	8,800
Supplies inventory	$	5,300
Equipment	$	37,500
Accumulated depreciation	$	15,200
Accounts payable	$	2,500
Common stock	$	5,000
Retained earnings		?

The beginning balance of retained earnings was $35,000, net income is budgeted to be $19,900, and dividends are budgeted to be $2,900.

Required:

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