, balance sheet follows: sheet.) The budget committee of Omaha Office Sup i (Click the icon to view the data.) Read the requirements. sbudge Requirements upply et 2018 1. Prepare Omaha's sales budget for April and May 2018. Round all calculations to the nearest dollar. April 2. Prepare Omaha's inventory, purchases, and cost of goods sold budget for April and May Prepare Omaha's selling and administrative expense budget for April and May 3. Print Done nd then click Check Answer. balance sheet follows: heet.) The budget committee of Omaha Office Suoly hats (Click the icon to view the data.) More Info Sales in April are expected to be $60,000. Omaha forecasts that monthly sales will increase 2% over April sales in May, June's sales will increase by 4% over April sales. July sales will increase 20% over April sales. Omaha maintains inventory of $14,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $3,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: a. D. C. d. Rent: $2,200 Depreciation: $700 . Insurance: $400 . Income tax: $2,400 Print Done d then click Check Answer. Homework 3 of 4 (4 complete) Data Tablee Balance Sheet March 31, 2018 Assets Current Assets: 20,000 18,000 21,500 1,500 $ Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets $ 61,000 Property, Plant, and Equipment: 34,000 (28,000) Equipment and Fixtures Less: Accumulated Depreciation 6,000 $67,000 Total Assets isbiliti Print Done Assets 3 of 4 (4 complete) Data Table Equipment and Fixtures Less: Accumulated Depreciation 34,000 (28,000) 6,000 $ 67,000 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable $ 19,000 3,600 Total Liabilities $ 22,600 Stockholders' Equity Common Stock, no par Retained Earnings 12,000 32,400 44,400 Total Stockholders' Equity $ 67,000 Total Liabilities and Stockholders' Equity Print Done Assets Sales Budget April and May, 2018 May April Total budgeted sales Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 May April Plus: Total merchandise inventory required Less: Budgeted Purchases Selling and Administrative Expense Budget April and May, 2018 April May Variable expenses: Fixed expenses