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 is budgeted to be $8,600, and dividends are budgeted to be $3,500.
Required:
Prepare the company’s budgeted balance sheet.
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