P23-3B Frank's Used Cars of Asheville, North Carolina, has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 20X4. and a budgeted statement of cash flows for April. As the controller (chief accounting officer) of Frank's Used Cars, you have assembled the following information:

a. March 31 equipment balance, S42.500: accumulated depreciation, $31.400.

b. April capital expenditures of $41.700 budgeted for cash purchase of equipment.

c. April depreciation expense, $900.

d. Cost of goods sold. 60% of sales.

e. Other April operating expenses, includ- ing income tax, total $13.200, 25% of which will be paid in cash and the remainder accrued at April 30.

f. March 31 owners' equity, $87.000. g. March 31 cash balance. $36,200. h. April budgeted sales, $90,000. 60% of Required which is for cash. Of the remaining 40%, half will be collected in April and half in May. i. April cash collections on March sales. $29,700. j. April cash payments of March 31 liabil- ities incurred for March purchases of inventory, $17,300. k. March 31 inventory balance. $27.300. 1. April purchases of inventory, $9,000 for cash and $36.800 on credit. Half of the credit purchases will be paid in April and half in May: 1. Prepare the budgeted balance sheet for Frank's Used Cars at April 30, 20X4. Show sepa- rate computations for cash, inventory, and owners' equity balances. 2. Prepare the budgeted statement of cash flows for April. 3. Suppose that Frank's Used Cars has become aware of more efficient (and more expen- sive) equipment than it budgeted for purchase in April. What is the total amount of cash available for equipment purchases in April, before financing, if the minimum desired ending cash balance is $21.000? (For this requirement, disregard the $41.700 initially budgeted for equipment purchases.)