(Click the icon to view the information.) Read the requirements. Box Printing Supply Balance Sheet March 31, 2018 Assets More Info Current Assets: Cash Accounts Receivable $ 50,500 12,800 12,500 $ 75,800 Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures e. a. April dividends of $3,000 were declared and paid. b. April capital expenditures of $16,900 budgeted for cash purchase of equipment. C. April depreciation expense, $900. d. Cost of goods sold, 40% of sales. Desired ending inventory for April is $23,600. f. April selling and administrative expenses include salaries of $38,000, 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 15% of sales, all paid in April. h. April budgeted sales, $90,000, 70% collected in April and 30% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,000. j. April purchases of inventory, 59,300 for cash and $37,800 on account. Half the credit purchases will be paid in April and half in May. 80,900 (13,100) $ 67,800 Less: Accumulated Depreciation 143,600 Total Assets Liabilities $ 8,000 Print Done Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Eamings Total Stockholders' Equity 30,000 105,600 135,600 Box 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.) Requirement 1. Prepare the sales budget for April. Box Printing Supply Sales Budget For the Month Ended April 30, 2018 Total budgeted sales Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April. Box Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2018 Plus: Total merchandise inventory required Less: Budgeted Purchases Requirement 3. Prepare the selling and administrative expense budget for April. Box Printing Supply Selling and Administrative Expense Budget For the Month Ended April 30, 2018 Variable expenses: Fixed expenses: Total fixed expenses Total selling and administrative expenses Requirement 4. Prepare the budgeted cash receipts from customers for April. Box Printing Supply Budgeted Cash Receipts from Customers For the Month Ended April 30, 2018 Current month sales, 70% Prior month sales, 30% Total cash receipts Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. Box Printing Supply Budgeted Cash Payments for Selling and Administrative Expenses For the Month Ended April 30, 2018 Variable expenses: Miscellaneous expenses Fixed expenses: 20% of current month's salaries expense Total payments for selling and administrative expenses Requirement 6. Prepare the cash budget for April. Assume the company does not use short-term financing to maintain a minimum cash balance. Review the budgeted cash receipts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Box Printing Supply Cash Budget For the Month Ended April 30, 2018 Cash available Box Printing Supply Cash Budget For the Month Ended April 30, 2018 Box Printing Supply Cash Budget For the Month Ended April 30, 2018 Cash available Cash payments: Total cash payments Ending cash balance Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared above. Box Printing Supply Budgeted Income Statement For the Month Ended April 30, 2018 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Net income (loss) Requirement 8. Prepare the budgeted balance sheet at April 30, 2018. Review the cash budget you prepared above. Box Printing Supply Budgeted Balance Sheet April 30, 2018 Assets Current Assets: Total Current Assets Property, Plant, and Equipment: Total Assets Liabilities Current Liabilities: Current Liabilities: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity