Alliance Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2018 and budgeted balance sheet at April 30, 2018. The March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) Requirement 1. Prepare the sales budget for April. Alliance Printing Supply Sales Budget For the Month Ended April 30, 2018 Total budgeted sales Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April. Alliance Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2018 As Alliance Printing Supply's controller, you have assembled the following additional information (Click the icon to view the information.) Data Table Alliance Printing Supply Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Balance Sheet March 31, 2018 Assets - X S 50,700 15,500 12.000 $ 78,200 Die Choose from any list or enter any number in the input fields and then continue to the next question. Property, Plant, and Equipment Equipment and Fixtures 80,500 Less Accumulated Depreciation (12,900) 67,600 SAK Alliance Printing Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory st Total Current Assets $ 50,700 15,500 12,000 $ 78,200 Property, Plant, and Equipment: Old Equipment and Fixtures 80,500 8 Less: Accumulated Depreciation (12,900) 67,600 $ 145.800 Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Current Liabilities: Liabilities 80,500 (12,900) 67,600 $ 145,800 Accounts Payable $ 8,600 Stockholders' Equity st Common Stock, no par $ 38,000 Retained Earnings 99,200 old Total Stockholders' Equity 137,200 8 Total Liabilities and Stockholders' Equity $ 145,800 Supply's controller, you have assembled the following additional Requirements - X 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. 5. 16. Prepare the schedule of cash receipts from customers for April. Prepare the schedule of cash payments for selling and administrative expenses for April. 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. Print Done More Info a. April dividends of $7,000 were declared and paid b. April capital expenditures of $16,300 budgeted for cash purchase of equipment. c. April depreciation expense, $1,000. d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $22,400. pri f. April selling and administrative expenses include salaries of $37,000, 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 10% of sales, all paid in April h. i. j. April budgeted sales, $89,000, 80% collected in April and 20% in May. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,600. April purchases of inventory, $8.600 for cash and $37.400 on account. Half the credit purchases will be paid in April and half in May. Print Done