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 $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Budgeted Balance Sheet } \\ \hline \multicolumn{1}{|c|}{ Assets } & \\ \hline Current assets: & & \\ \hline Cash & & \\ \hline Accounts receivable & & \\ \hline Inventory & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Plant and equipment & & \\ \hline & & \\ \hline \hline \end{tabular}