Box Medical Supply has applied for a loan. Metropolitan National Bank has requested a budgeted balance sheet as of April 30, and a combined cash budget for April. As Box Medical Supply's controller, you have assembled the Data table Requirement 1. Show separate computations for cash, inventory, and owners' equity balances. Begin by calculating the cash b Cash a. March 31 equipment balance, $52,700; accumulated depreciation, $41,700. Beginning balance $ 40,600 b. April capital expenditures of $42,300 budgeted for cash purchase of equipment. c. April depreciation expense, $200. Cash inflows: d. Cost of goods sold, 40% of sales. Cash sales 54,600 e. Other April operating expenses, including income tax, total $13,400, 25% of which will be paid in cash Collections 44,600 and the remainder accrued at April 30. Cash outflows: f. March 31 owners' equity, $93,300. g. March 31 cash balance, $40,600. Payment of March liabilities (17,200) h. April budgeted sales, $84,000, 65% of which is for cash. Of the remaining 35%, half will be collected in Cash purchases (10,900) April and half in May. Payments for April (credit) purchases (18, 100) i. April cash collections on March sales, $29,900. j. April cash payments of March 31 liabilities incurred for March purchases of inventory, $17,200. Purchase of equipment (42,300) k. March 31 inventory balance, $29,000. (3,350) Operating expenses I. April purchases of inventory, $10,900 for cash and $36,200 on credit. Half of the credit purchases will Ending balance $ 47,950 be paid in April and half in May. Calculate the inventory balance. Requirements Inventory Beginning balance 1. Prepare the budgeted balance sheet for Box Medical Supply at April 30. Show separate Add: computations for cash, inventory, and owners' equity balances. Purchases 2. Prepare the combined cash budget for April. 3. Suppose Box Medical Supply has become aware of more efficient (and more expensive) Less: equipment than it budgeted for purchase in April. What is the total amount of cash available for Cost of goods sold equipment purchases in April, before financing, if the minimum desired ending cash balance is $19,000? (For this requirement, disregard the $42,300 initially budgeted for Ending balance equipment purchases.) 4. Before granting a loan to Box Medical Supply, Metropolitan National Bank asks for a sensitivity analysis assuming that April sales are only $56,000 rather than the $84,000 originally budgeted. (While the cost of goods sold will change, assume that purchases, depreciation, and the other operating expenses will remain the same as in the earlier requirements.) a. Prepare a revised budgeted balance sheet for Box Medical Supply, showing separate computations for cash, inventory, and owners' equity balances. me solve this Video Get more help - b. Suppose Box Medical Supply has a minimum desired cash balance of $21,000. Will the company need to borrow cash in April