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 . . . . . . . . . $9,000
Accounts payable . . . . . . . . . . . . . . . $1,900
Common stock . . . . . . . . . . . . . . . . . $4,000
Retained earnings . . . . . . . . . . . . . . ?
The beginning balance of retained earnings was $21,000, net income isbudgeted to be $8,600, and dividends are budgeted to be $3,500.
Required:
Prepare the company's budgeted balance sheet.