Chair Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) As Chair Printing Supply's controller, you have assembled the following additional information: (Click the icon to view the information.) More info Data table Read the requirements. Chair Printing Supply Balance Sheet March 31, 2024 Assets a. April dividends of $5,500 were declared and paid. b. April capital expenditures of $16,500 budgeted for cash purchase of equipment. c. April depreciation expense, $600. d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $21,200. f. April selling and administrative expenses include salaries of $38,000, 40% 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, $87,000, 75% collected in April and 25% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,100. j. April purchases of inventory, $6,700 for cash and $37,700 on account. Half the credit purchases will be paid in April and half in May. Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Print Done Selling and Administrative Expense Budget For the Month Ended April 30, 2024 Variable expenses: Fixed expenses: Total Assets Current Liabilities: Accounts Payable Liabilities - X Requirements 1. Prepare the sales budget for April. 2. Prepare the inventory, purchases, and cost of goods sold budget for April. $ 51,200 3. Prepare the selling and administrative expense budget for April. 4. Prepare the schedule of cash receipts from customers for April. 14.400 11,600 $ 77,200 5. 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. 81,100 (12,000) 8. Prepare the budgeted balance sheet at April 30, 2024. $ 69,100 146,300 $ 8,100 Stockholders' Equity Common Stock, no par $ 55,000 83,200 Retained Earnings 138,200 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 146,300 Print Done Print Done