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:

Exercise 8-9 Budgeted Balance Sheet [LO8-10] 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 Supplies inventory Equipment Accumulated depreciation 16,000 Accounts payable Common stock Retained earnings $9,200 $ 2,800 s 39,500 $ 2,900 $ 5,000 The beginning balance of retained earnings was $28,000, net income is budgeted to be $17,800, and dividends are budgeted to be $3,700