The Management of FastCopy Inc, a Photocopying center located on Mary Ave, in Jacksonville FL$,$ Completed the following data for use in preparing its budgeted balance sheet for the next year:

Ending Balances:

Cash $?$

Accounts Receivable $$8,100$

Supplies Inventory $$3,200$

Equipment $$34,000$

Accumulated Depreciation $$16,000$

Accounts Payable $$1,800$

Common Stock $$5,000$

Retained Earnings $?$

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.$

Prepare a properly titled and formatted balance sheet for FastCopy, Inc. Grading will be applied to proper formatting and accuracy of results.

Also, prepare a $2$nd properly formatted balance sheet with net income budgeted to be $$87,500$ and dividends are budgeted to be $$10,000.$

Consider the second balance sheet you created and provide an explanation of the likely other balance accounts that would change $($increase$/$decrease$/$remain the same$)$ in response to such a significant increase in net income. A properly formatted balance sheet would include the proper heading and the Assets $/$ Liabilities $/$ Shareholders Equity appearing in the proper columns with column totals that equal as per the accounting equation: Assets $=$ Liabilities and Shareholder Equity.