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:

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 the companys budgeted balance sheet.