Homework: Homework | Comprehensive Budget Project Save Score: 0.04 of 1 pt 1 of 1 (1 complete) HW Score: 4%, 0.04 of 1 pt P22-45A (similar to) Question Help Sheet 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.) As Sheet Printing Supply's controller, you have assembled the following additional information: (Click the icon to view the information.) Read the requirements Requirement 1. Prepare the sales budget for April. i More Info Requirements Sheet Printing Supply Sales Budget For the Month Ended April 30, 2018 Total budgeted sales a. April dividends of $4,500 were declared and paid. b. April capital expenditures of $17,100 budgeted for cash purchase of equipment. C. April depreciation expense, $200. d. Cost of goods sold, 50% of sales. 8. Desired ending inventory for April is $26,900. f. April selling and administrative expenses include salaries of $30,000, 30% 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, 591,000, 75% collected in April and 25% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory. $8,200. jApril purchases of inventory. $23.200 for cash and $37,600 on account. Half the credit purchases will be paid in April and half in May. 1. Prepare the sales budget for April. 2. Prepare the inventory, purchases, and cost of goods sold budget for April. 3. Prepare the selling and administrative expense budget for April. 4. Prepare the schedule of cash receipts from customers for April. 5 Prepare the schedule of cash payments for selling and administrative expenses for April 6. Prepare the cash budget for April. Assume the company does not use short-term financing to maintain a minimum cash balance. 7. Prepare the budgeted Income statement for April. 8. Prepare the budgeted balance sheet at April 30, 2018 Print Done Print Done Sheet Printing Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $ 50,600 Accounts Receivable 14,200 11,600 Merchandise Inventory Total Current Assets $ 76,400 Property, Plant, and Equipment: Equipment and Fixtures 80,900 (12,700) Less: Accumulated Depreciation 68,200 $ 144,600 Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,200 Stockholders' Equity Common Stock, no par $ 24,000 112,400 Retained Earnings Total Stockholders' Equity 136,400 $ 144,600 Total Liabilities and Stockholders' Equity