The management of Academic 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|$3,500

|Equipment|$34,000

|Accumulated depreciation|$15,600

|Accounts payable|$1,660

|Common stock|$4,600

|Retained earnings|?

The beginning balance of retained earnings was $43,000, net income is budgeted to be $13,000, and dividends are budgeted to be $4,700.

Required:

Prepare the company's budgeted balance sheet.

Do not copy from Chegg and give complete answer with explanation