Beacon Sales Limited Balance Sheet March 31, 2021 ASSETS Cash Accounts receivable Inventory Buildings & equipment Total assets 35,000 26,000 36,000 75,000 172,000 22p00 25,000 47,000 LIABILITIES Accounts payable Note payable Total liabilities SHAREHOLDER'S EQUITY Common shares Retained earnings Total shareholder's equity Total liabilities & shareholder's equity 5,000 120,000 125,000 172,000 -Sales for April are budgeted to be $200,000. Sales are 25% cash and 75% credit. Credit sales are collected 40% in month of sale & 60% in following month - Purchases of inventory are expected to be $100,000 in April with all purchases being made on account. It is company policy to pay for 50% of all inventory purchases in month of purchase and 50% in the following month - Selling & administrative expenses are expected to be $50,000 for April and will be paid in cash. Included in the selling and administrative expenses is depreciation on equipment of $8,000. -Sales for April are budgeted to be $200,000. Sales are 25% cash and 75% credit. Credit sales are collected 40% in month of sale & 60% in following month - Purchases of inventory are expected to be $100,000 in April with all purchases being made on account. It is company policy to pay for 50% of all inventory purchases in month of purchase and 50% in the following month. - Selling & administrative expenses are expected to be $50,000 for April and will be paid in cash. Included in the selling and administrative expenses is depreciation on equipment of $8,000 The $25,000 note payable at March 31 will be repaid in April plus interest of $125. During the month of April the company will borrow $20,000 by signing a new note payable. - The company plans to pay a cash dividend of $10,000 in April New equipment with a cost of $25,000 will be purchased in April Required: Prepare a cash budget for April 2020