FORUJINH4424 Homework: Homework 6 Score: 9.71 of 10 pts % P22-42A (similar to) 1 of 1 (1 complete) Cube Office Supply's March 31, 2018, balance sheet follows: Click the icon to view the balance sheet.) The budget committee of Cut (Click the icon to view the Read the requirements. Requirement 1. Prepare Cube's sales budget for April and May 2018. Round all amounts to the nearest dollar. Cube Office Supply Sales Budget April and May, 2018 April Total budgeted sales Enter any number in the edit fields and then click Check Answer. Clear All 2 parts 2 remaining -sheet follows: The budget committee of Cube Office Supply has assembl 0 More Info X for AC a. C. d. Sales in April are expected to be $40,000. Cube 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. Cube maintains inventory of $10,000 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 $10,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,200 Depreciation: $800 Insurance: $200 Income tax: $1,800 Print Done click Clear All A Data Table Cube Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash 15,000 21,000 15,000 2,200 Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 53,200 34,000 Print Done A Data Table Equipment and Fixtures 34,000 (26,000) 8,000 Less: Accumulated Depreciation 61,200 Total Assets Liabilities 14,000 9,450 Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings $ 23,450 12,000 25,750 27 760 Print Done 1 of 1 (1 complete) 1 Data Table 61,200 14,000 9,450 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 23,450 12,000 25,750 37,750 $ 61,200 Print Done