HomeWork: Homework 6 Score: 9.71 of 10 pts W P22-42A (similar to) Notebook Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget co i (Click the Read the regu Requirement 1. Prepare Notebook's sales budget for April and May 2018. Round all amounts to the nearest dollar. Notebook Office Supply Sales Budget April and May, 2018 April May Total budgeted sales $ 40,000 40,800 Requirement 2. Prepare Notebook's inventory, purchases, and cost of goods sold budget for April and May. Notebook Supply Company and Cnet of Gande Cold R bace 1 part Clear All ILOILOTI. TOTIVVOLIO Score: 9.71 of 10 pts 1 of 1 (1 complete) P22-42A (similar to) Notebook Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee (Click the icon to vi Read the requirements Notebook Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April Cost of goods sold Plus: Desired ending merchandise inventory 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 Type here to search eet follows: The budget committee of Notebook Office Supply ha * More Info a. b. Sales in April are expected to be $40,000. Notebook 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. Notebook maintains inventory of $14,000 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 $6,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: c. Insurance: $300 Income tax: $2,300 Print Done Clear All i Data Table foll plyn Notebook Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory 18,000 20,000 19,000 2,500 $ 59,500 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 61,000 fiel Print Done Done i Data Table Equipment and Fixtures 61,000 (28,000) Less: Accumulated Depreciation 33,000 Total Assets 92,500 Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 10,000 3,300 $ HI 13,300 12,000 67,200 IHII 79,200 Total Ctoolboldor! Couit Print Done i Data Table $ 92,500 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par 10,000 3,300 $ 13,300 12,000 67,200 Retained Earnings 79,200 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 92,500 Print Done