EXERCISE 89 Budgeted Balance Sheet LO810

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	$ 8,100
Supplies inventory	$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 companys budgeted balance sheet.