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The management of Usman 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 BalancesCash . . . . . . . . . . . . . . . . . . . . . . . . . ?Accounts receivable . . . . . . . . . . . . . $6,500Supplies inventory . . . . . . . . . . . . . . . $2,100Equipment . . . . . . . . . . . . . . . . . . . . . $28,000Accumulated depreciation . . . . . . . . . $9,000Accounts payable . . . . . . . . . . . . . . . $1,900Common stock . . . . . . . . . . . . . . . . . $4,000Retained 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:
Question 1: Prepare the company's budgeted balance sheet.
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