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: The beginning balance of retained earnings was $33,000, net income is budgeted to be $16,900, and dividends are budgeted to be $3,500. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) \begin{tabular}{|c|c|c|} \hline Plant and equipment, net & & 0 \\ \hline Total assets & $ & 0 \\ \hline \multicolumn{3}{|c|}{ Liabilities and Stockholders' Equity } \\ \hline \multicolumn{3}{|l|}{ Current liabilities: } \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Stockholders' equity: } \\ \hline \multicolumn{3}{|l|}{ Common stock } \\ \hline \multicolumn{3}{|l|}{ Retained earnings } \\ \hline & & \\ \hline Total stockholders' equity & & 0 \\ \hline Total liabilities and stockholders' equity & $ & 0 \\ \hline \end{tabular} Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) 
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