Exercise 8-9 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 2 $ 9,100 $ 2,600 $ 39,000 $ 15,800 $ 2,800 $ 5.000 2 The beginning balance of retained earnings was $27,000, net income is budgeted to be $16,600, and dividends are budgeted to be $3,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. Mecca Copy Budgeted Balance Sheet Assets Current assets: Cash Accounts receivable Supplies inventory $ 13,100 9,100 2.600 $ 24,800 Total current assets Plant and equipment: Equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: 39,000 (15,800) 23,200 $ 48,000 39,000 (15,800) 23,200 $ 48,000 Equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity Common stock Retained earnings $ 2,800 $ 5,000 40,200 Total stockholders' equity Total liabilities and stockholders' equity 45,200 $ 48,000