The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the...
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Accounting
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 | $ | 8,800 |
| Supplies inventory | $ | 5,300 |
| Equipment | $ | 37,500 |
| Accumulated depreciation | $ | 15,200 |
| Accounts payable | $ | 2,500 |
| Common stock | $ | 5,000 |
| Retained earnings | ? | |
The beginning balance of retained earnings was $35,000, net income is budgeted to be $19,900, and dividends are budgeted to be $2,900.
Required:
Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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