Income statement for the year. EXERCISE 8-9 Budgeted Balance Sheet LO8-10 The management of Mecca Copy, a photocopying center located on University Avenue, has com- piled 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 ? $8,100 $3,200 $34,000 $16,000 $1,800 $5,000 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 balaner chaal