Homework: Homework 6 Save Score: 0.59 of 10 pts 1 of 1 (1 completo) Help HW Score: 5.88% 0.59 of 10 pts % PM7-42A (similar to) Watercooler Office Supply's March 31, 2024, balance sheet follows: Click the icon to view the balance shoot.) Question Help The budget committee of Watercooler Office Supply has assembled the following (Click the icon to view the data Read the requirements data April and May, 2024 April 180000 May 183600 91800 90000 Sales Plus Cost of goods sold Total merchandise riventory required LOG Cost of goods sold 8000 8000 I Budgeted Purchase oply's -iew the More Info s az a. Sales in April are expected to be $180,000. Watercooler 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. b. Watercooler maintains inventory of $8,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. C. Monthly salaries amount to $3,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent: $2,800 Depreciation: $700 Insurance: $200 Income tax: $2,400 ods sold nventory aods sold 05 Mist or entd Print Done omework 6 1 of 1 (1 complete) ar to i Data Table arch ebalan Watercooler Office Supply Balance Sheet March 31, 2024 Assets Current Assets: Cash 26,000 d ry require Id Accounts Receivable Merchandise Inventory 21,000 30,500 2,200 Prepaid Insurance Total Current Assets 79.700 enter any Print Done nework 6 1 of 1 (1 complete) H - X i Data Table 2,200 $ 79,700 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 45,000 (28,000) Less: Accumulated Depreciation 17,000 $ Total Assets 96,700 Lire Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable 19,000 4,550 any Print Done Ndluis Fajard mework 6 1 of 1 (1 complete) HWS i Data Table - sh3 alan upply Liabilities 19,000 4,550 23,550 Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earings Total Stockholders' Equity require 21,000 52,150 73,150 Total Liabilities and Stockholders' Equity 96,700 ter any Print Done Ches