Class Printing Supply of Baltimore has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2012, and a budgeted statement of cash flows for April. The March 31, 2012, budgeted balance sheet follows:

As Class Printing€™s controller, you have assembled the following additional information:
a. April dividends of $2,500 were declared and paid.
b. April capital expenditures of $16,400 budgeted for cash purchase of equipment.
c. April depreciation expense, $700.
d. Cost of goods sold, 40% of sales.
e. April operating expenses, including salaries, total $38,000, 20% of which will be paid in cash and the remainder will be paid next month.
f. Additional April operating expenses also include miscellaneous expenses of 5% of sales, all paid in April.
g. April budgeted sales, $89,000, 60% is collected in April and 40% in May.
h. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,600.
i. April purchases of inventory, $10,900 for cash and $37,500 on credit. Half the credit purchases will be paid in April and half in May.
Requirements
1. Prepare the sales budget for April.
2. Prepare the operating expenses budget for April.
3. Prepare the budgeted income statement for April.
4. Prepare the budgeted cash collections from customers for April.
5. Prepare the budgeted cash payments for operating expenses for April.
6. Prepare the cash budget for April.
7. Prepare the budgeted balance sheet for Class Printing at April 30, 2012.
8. Prepare the budgeted statement of cash flows forApril.

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CLASS PRINTING SUPPLY Budgeted Balance Sheet March 31, 2012 Liabilities Assets Current liabilities: Current assets: $ 50,500 $ 8,600 Cash Accounts payable Accounts receivable 12,800 $ 8,600 Inventory 11,900 Total liabilities $ 75,200 Total current assets Stockholders' Equity Plant assets: Common stock 42,000 Equipment and fixtures 81,100 Retained earnings 93,200 Less: Accumulated depreciation Total plant assets 12,500 Total stockholders' equity $135,200 $ 68,600 $143,800 Total liabilities and stockholders' equity S143,800 Total assets