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:
Accounts receivable $9,300
Supplies inventory $4,700
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.
Prepare the company’s budgeted balance sheet.
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