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:

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

Required:

Prepare the company's budgeted balance sheet. $($Amounts to be deducted should be indicated by a minus sign.$)$