Exercise $8-9($Algo$)$ Budgeted Balance Sheet $[$LO$8-10]$

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 $ $8,200$

Supplies inventory $ $3,200$

Equipment $ $34,500$

Accumulated depreciation $ $14,000$

Accounts payable $ $1,900$

Common stock $ $5,000$

Retained earnings $?$

The beginning balance of retained earnings was $$29,000,$ net income is budgeted to be $$12,700,$ and dividends are budgeted to be $$2,500.$

Required:

Prepare the company$$s budgeted balance sheet. $\backslash$table$[[$Mecca Copy,$],[$Assets$,,],[$Current assets:,,$],[$Cash$,,],[$Accounts receivable,,$],[$Supplies inventory,,$],[$Equipment$,,],[$Accumulated depreciation,,$],[$Total current assets,,$],[$Plant and equipment:,,$],[$Liabilities and Stockholders' Equity,$],[$Plant and equipment, net,,$],[$Total assets,,$],[$Current liabilities:,,$],[$Accounts payable,,$],[$Stockholders$\text{'}$ equity:,,$],[$Common stock,,$],[$Retained earnings,,$],[,,],[,,]]$