Exercise 8-9 (Algo) 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: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances ? $ 8,900 $ 5,580 $ 38,000 $ 15,480 $ 2,600 $ 5, eee ? The beginning balance of retained earnings was $25,000, net income is budgeted to be $21,100, and dividends are budgeted to be $3,500. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be Indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash Accounts receivable Supplies inventory s 0 Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net 0 $ 0 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity Common stock Retained earnings 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0