Homework: Homework 6 Score: 9.71 of 10 pts 1 of 1 (1 complete) % P22-42A (similar to) Watercooler Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget (Click the Read the red Requirement 1. Prepare Watercooler's sales budget for April and May 2018. Round all amounts to the nearest dollar. Watercooler Office Supply Sales Budget April and May, 2018 April May Total budgeted sales $ 140,000 $ 142,800 Requirement 2. Prepare Watercooler's inventory, purchases, and cost of goods sold budget for April and May. Watercooler Supply Company Inventan, Purchase and Cnet of Bande Cald R. Choose from any list or enter any number in the input fields and then click Check Answer Homework: Homework 6 Score: 9.71 of 10 pts 1 of 1 (1 complete) P22-42A (similar to) Watercooler Office Supply's March 31, 2018, balance sheet follows: :: (Click the icon to view the balance sheet.) The budget com (Click the ico Read the require Watercooler Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April May Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All sheet follows: The budget committee of Watercooler Office Suppl i More Info a. oo Sales in April are expected to be $140,000. 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. Watercooler maintains inventory of $12,000 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: $2,400 Depreciation: $300 Insurance: $200 Income tax: $2,100 Print Done Clear All Data Table Watercooler Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory 18,000 14,000 29,500 1,500 $ 63,000 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 60,000 Print Done Data Table Equipment and Fixtures Less: Accumulated Depreciation 60,000 (30,000) $ 30,000 93,000 18,000 7,050 Total Assets Liabilities Current Liabilities: Accounts Payable $ Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings $ 25,050 14,000 53,950 67 950 Print Done i Data Table 93,000 18,000 7,050 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 $ 25,050 14,000 53,950 67,950 $ 93,000 Print Done