As N Note 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.) i Data Table Requirement 1. Prepare the sales budget for Al Note Printing Supply Sales Budget For the Month Ended April 30, 2018 Note Printing Supply Balance Sheet March 31, 2018 Assets a. April dividends of $8,000 were declared and paid. b. April capital expenditures of $17,000 budgeted for cash purchase of equipment. C. April depreciation expense, $900. d. Cost of goods sold, 45% of sales. Desired ending inventory for April is $21,200. April selling and administrative expenses include salaries of $31,000, 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 5% of sales, all paid in April. h. April budgeted sales, $91,000, 75% collected in April and 25% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,300. April purchases of inventory, $13,150 for cash and $37,300 on account. Half the credit purchases will be paid in April and half in May. Total budgeted sales Current Assets Cash Accounts Receivable $ 50.800 12,400 11,700 Print Done $ 74.900 Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Enter any number in the edit fields and then c 81,200 (12,200) 69,000 Less: Accumulated Depreciation A parts $ 143,900 O remaining Total Assets Check Answer As Note Printing Suppl 1 Note 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 20 2018 The Macob 21 20:12 balanca cbant.follo (Click the icon to view the balance sheet.) A Data Table Requirements $ 74,900 4 Requirement 1. Prepare the sales budget for Al Note Printing Supply Sales Budget For the Month Ended April 30, 2018 Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 81,200 (12,200) 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. 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 Less: Accumulated Depreciation 69,000 Total budgeted sales $ 143,900 Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,300 Stockholders' Equity Print Done Common Stock, no par 24,000 111,600 Retained Earnings Total Stockholders' Equity 135,600 Enter any number in the edit fields and then $ 143,900 Total Liabilities and Stockholders' Equity parts remaining Check
