The management of Mecca Copy, a photocopying centre located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:

Cash......................................................................?

Accounts Receivable.........................$8100

Supplies Inventory..............................$3200

Equipment...........................................$34000

Accumulated Depreciation...........$16000

Accounts Payable................................$1800

Common Shares.................................$5000

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.

Required:

Prepare the company's budgeted balance sheet.