The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data

Question:

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 receivables S8,100 Supplies inventory $3,200 Equipment S34,000 $16,000 Accumulated depr

The beginning balance of retained earnings was $28,000, net income is budgeted to be $ 11,500 and dividends are budgeted to be $ 4,800

Required:

Prepare the company’s budgeted balance sheet.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...