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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
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.
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