Item 11

Item 11

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 $ 8,200

Supplies inventory $ 3,200

Equipment $ 34,500

Accumulated depreciation $ 14,000

Accounts payable $ 1,900

Common stock $ 5,000

Retained earnings ?

The beginning balance of retained earnings was $29,000, net income is budgeted to be $12,700, and dividends are budgeted to be $2,500.

Required:

Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by aminus sign)