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Sheet Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: m (Click the icon to view the balance shoot.) As Sheet Printing Supply's controller, you have assembled the following additional information: Click the icon to view the information) Read the requirements Data Table Sheet Printing Supply Balance Sheet March 31, 2024 Assets $ 50,500 Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: 16,300 12,400 $ 79,200 t: 0 Data Table $ 79,200 80,400 (13,100) 67,300 $ 146,500 Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par S $ 7,900 36,000 ata Table Less: Accumulated Depreciation (13,700) 67,300 $ Total Assets 146,500 Liabilities Current Liabilities: Accounts Payable 7,900 Stockholders' Equity Common Stock, no par $ 36,000 102,600 Retained Earnings Total Stockholders' Equity 138,600 $ Total Liabilities and Stockholders' Equity 146,500 More Info - e. a. April dividends of $4,500 were declared and paid. b. April capital expenditures of $16,700 budgeted for cash purchase of equipment. C. April depreciation expense, $200. d. Cost of goods sold, 55% of sales, Desired ending inventory for April is $20,300. f. April selling and administrative expenses include salaries of $35,000, 30% 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 5% of sales, all paid in April. h. April budgeted sales, $91,000,55% collected in April and 45% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $7,900. j. April purchases of inventory, $20,850 for cash and $37,100 on account. Half the credit purchases will be paid in April and half in May G ang 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, 2024.