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: The beginning balance of retained earnings was $29.000, net income is budgeted to be $12,700, and dividends are budgeted to be $2,500. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) The beginning balance of retained earnings was $29,000, net income is budgeted to be $12,700, and dividends are budgeted to $2,500. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)