(Solved): Exercise 8-9 (Static) Budgeted Balance Sheet [LO8-10] Mecca Copy, a photocopying center located on ...

Exercise 8-9 (Static) Budgeted Balance Sheet [LO8-10] Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: The beginning balance of retained earnings was $\$28,000$, budgeted net income is $\$11,500$, and budgeted dividends are $\$4,800$. Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Mecca Copy } \\ \hline \multicolumn{2}{|c|}{ Assets } & \\ \hline Current assets: & & \\ \hline Cash & & \\ \hline Accounts receivable & & \\ \hline Supplies inventory & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Plant and equipment: & & \\ \hline & & \\ \hline & & \\ \hline Plant and equipment, net & & \\ \hline Total assets & & \\ \hline \multicolumn{2}{|c|}{ Liabilities and Stockholders' Equity } & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline Stockholders' equity: & & \\ \hline & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}