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: Ending Balances Cash ..... Accounts receivable Supplies inventory ? $8,100 $3,200 Equipment .... $34,000 Accumulated depreciation $16,000 Accounts payable..... $1,800 Common stock $5,000 Retained earnings ? The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, and dividends are budgeted to be $4,800. Required: Prepare the company's budgeted balance sheet.