Exercise 8-8 Budgeted Income Statement [LO8-9) Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 820 $ 2,130 $ 1,500 $ 75 $ 480, eee $ 29, cee Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 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. Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances ? $ 9,300 $ 3, $ 40,000 $ 16,200 $ 3,600 $ 5,800 The beginning balance of retained earnings was $29,000, net income is budgeted to be $19,000, and dividends are budgeted to be $5,600 Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be Indicated by a minus sign.) ences Mecca Copy Budgeted Balance Sheet Assets Current assets Total current assets Plant and equipment: Plant and equipment.net Total assets