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

The management of Academic Copy, a photocopying center located on University Avenue, has compiled the following data to
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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                                     $9,300 

  Supplies inventory                                        $4,700 

  Equipment                                                        $33,000 

  Accumulated depreciation                         $15,300 

  Accounts payable                                          $1,600 

  Common stock                                                                $5,000 

  Retained earnings                                        ?

The beginning balance of retained earnings was $43,000, net income is budgeted to be $11,000, and dividends are budgeted to be $3,600.

Required:

Prepare the company’s budgeted balance sheet. 

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