Belton Printing Company of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for the month of April 2018 and a balance sheet at April 30, 2018. The March 31, 2018, balance sheet follows:
BELTON PRINTING COMPANY
Balance Sheet
March 31, 2018

As Belton Printing's controller, you have assembled the following additional information:
a. April dividends of $7,000 were declared and paid.
b. April capital expenditures of $17,000 budgeted for cash purchase of equipment.
c. April depreciation expense, $800.
d. Cost of goods sold, 55% of sales.
e. Desired ending inventory for April is $24,800.
f. April selling and administrative expenses includes salaries of $29,000, 20% of which will be paid in cash and the remainder paid next month.
g. Additional April selling and administrative expenses also include miscellaneous expenses of 10% of sales, all paid in April.
h. April budgeted sales, $86,000, 80% collected in April and 20% in May.
i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,300.
j. April purchases of inventory, $22,900 for cash and $37,200 on account. Half the credit purchases will be paid in April and half in May.
Requirements
1. Prepare the sales budget for April.
2. Prepare the inventory, purchases, and cost of goods sold budget for April.
3. Prepare the selling and administrative expense budget for April.
4. Prepare the schedule of cash receipts from customers for April.
5. Prepare the schedule of cash payments for selling and administrative expenses for April.
6. Prepare the cash budget for April. Assume the company does not use short-term financing to maintain a minimum cash balance.
7. Prepare the budgeted income statement for April.
8. Prepare the budgeted balance sheet at April 30, 2018?

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Assets Current Assets: $ 51,100 Cash Accounts Receivable 13,600 Merchandise Inventory 12,000 $ 76,700 Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 81,100 (12,400) Less: Accumulated Depreciation 68,700 $ 145,400 Total Assets Liabilities Current Liabilities: $ 8,300 Accounts Payable Stockholders' Equity $ 35,000 Common Stock, no par Retained Earnings 102,100 Total Stockholders' Equity 137,100 $ 145,400 Total Liabilities and Stockholders' Equity