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

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 $9,300

Supplies inventory $4,700

Equipment $33,000

Accumulated depreciation $15,300

Accounts payable $1,600

Common stock $5,000

Retained earnings ?

The beginning balance of retained earnings was $43,000, net income is budgeted to be $11,000, and dividends are budgeted to be $3,600.

Required:

Prepare the company’s budgeted balance sheet.

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