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	$	9,100
Supplies inventory	$	4,700
Equipment	$	34,000
Accumulated depreciation	$	14,500
Accounts payable	$	1,640
Common stock	$	4,800
Retained earnings		?

The beginning balance of retained earnings was $34,000, net income is budgeted to be $12,000, and dividends are budgeted to be $3,500.

Required:

Prepare the companys budgeted balance sheet. (Be sure to list the assets and liabilities in order of their liquidity. Amounts to be deducted should be indicated with minus sign.)

Academic Copy Budgeted Balance Sheet
Assets
Current assets:
(Click to select)CashSupplies inventoryAccumulated depreciationEquipmentAccounts receivable	$
(Click to select)CashAccounts receivableAccumulated depreciationEquipmentSupplies inventory
(Click to select)CashEquipmentSupplies inventoryAccounts receivableAccumulated depreciation
Total current assets		$
Plant and equipment:
(Click to select)Accumulated depreciationSupplies inventoryCashAccounts receivableEquipment
(Click to select)Accumulated depreciationEquipmentCashAccounts receivableSupplies inventory
Plant and equipment, net
Total assets		$
Liabilities and Stockholders' Equity
Current liabilities:
(Click to select)Bills payableAccounts payableRetained earningsCommon stockNotes payable		$
Stockholders' equity:
(Click to select)EquipmentNotes payableCommon stockAccounts payableBills payable
(Click to select)EquipmentBills payableNotes payableRetained earningsAccounts Payable
Total stockholders' equity
Total liabilities and stockholders' equity		$

20. 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 9,100 Accounts receivable Supplies inventory 4,700 $34,000 Equipment Accumulated depreciation $14,500 Accounts payable 1,640 Common stock 4,800 Retained earnings The beginning balance of retained earnings was $34,000, net income is budgeted to be $12,000, and dividends are budgeted to be $3,500. Required Prepare the company's budgeted balance sheet. (Be sure to list the assets and liabilities in order of their liquidity. Amounts to be deducted should be indicated with minus sign.) Academic Copy Budgeted Balance Sheet Assets Current assets Click to select) (Click to select) (Click to select) Total current assets Plant and equipment (Click to select) (Click to select) Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities (Click to select) Stockholders' equity (Click to select) (Click to select) Total stockholders' equity Total liabilities and stockholders' equity