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:

	Ending Balances
Cash	?
Accounts receivable	$ 9,000
Supplies inventory	$ 2,400
Equipment	$ 38,500
Accumulated depreciation	$ 15,600
Accounts payable	$ 2,700
Common stock	$ 5,000
Retained earnings	?

The beginning balance of retained earnings was $26,000, net income is budgeted to be $15,400, and dividends are budgeted to be $5,400.

Required:

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