The management of Academic 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 $6,500 Supplies inventory $2,100 Equipment $28,000 Accumulated depreciation $9,0...

Academic Copy Budgeted Balance Sheet Assets Current assets Cash 4400 ...

The management of Academic Copy, a photocopying center located on University Avenue, has compiled the following data

Question:

The management of Academic Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted for next year:
Ending Balances
Cash . . . . . . . . . . . . . . . . . . . . . . . . . ?
Accounts receivable . . . . . . . . . . . . . $6,500
Supplies inventory . . . . . . . . . . . . . . . $2,100
Equipment . . . . . . . . . . . . . . . . . . . . . $28,000
Accumulated depreciation . . . . . . . . . $9,000
Accounts payable . . . . . . . . . . . . . . . $1,900
Common stock . . . . . . . . . . . . . . . . . $4,000
Retained earnings . . . . . . . . . . . . . . ?
The beginning balance of retained earnings was $21,000, net income is budgeted to be $8,600, and dividends are budgeted to be $3,500.

Required:
Prepare the company’s budgeted Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...