Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: The beginning balance of retained earnings was $28,000, budgeted net income is $11,500, and budgeted dividends are $4,800. Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. Answer is complete but not entirely correct. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Mecca Copy } \\ \hline \multicolumn{3}{|l|}{ Budgeted Balance Sheet } \\ \hline Assets & & \\ \hline \multicolumn{3}{|l|}{ Current assets: } \\ \hline Cash & 0 & \\ \hline Accounts receivable & 8,100 & \\ \hline Supplies inventory & 3,200 & \\ \hline Total current assets & & $11,300 \\ \hline \multicolumn{3}{|l|}{ Plant and equipment: } \\ \hline Equipment & 34,000 & \\ \hline Accumulated depreciation & (16,000) & \\ \hline Plant and equipment, net & & 18,000 \\ \hline Total assets & & $29,300 \\ \hline \multicolumn{3}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline \multicolumn{3}{|l|}{ Current liabilities: } \\ \hline Accounts payable & & 1,800 \\ \hline \multicolumn{3}{|l|}{ Stockholders' equity: } \\ \hline Common stock & 5,000 & \\ \hline Retained earnings & 22,500 & \\ \hline Total stockholders' equity & & 27,500 \\ \hline Total liabilities and stockholders' equity & & $29,300 \\ \hline \end{tabular}