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Note Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) CIC GIED As Note Printing Supply's controller, you have assembled the following additional information: (Click the icon to view the information.) Read the requirements. te Rei mi ant ativ e b Pri R th e b me he ari and e ca ec bay Data table Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Current Liabilities: Note Printing Supply Balance Sheet March 31, 2024 Assets Accounts Payable Common Stock, no par Retained Earnings Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print Done 50,400 17,100 12,600 81,000 (12,000) $ 40,000 100,900 80,100 69,000 149,100 8,200 140,900 149,100 I X - More info a. April dividends of $4,000 were declared and paid. b. April capital expenditures of $16,800 budgeted for cash purchase of equipment. c. April depreciation expense, $600. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $27,100. f. April selling and administrative expenses include salaries of $33,000, 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 5% of sales, all paid in April. h. April budgeted sales, $80,000, 70% collected in April and 30% in May. I. j. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,200. April purchases of inventory, $13,200 for cash and $37,300 on account. Half the credit purchases will be paid in April and half in May. Print Done nis hE e e udg inti ece End I Requirements 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. Prepare the schedule of cash receipts from customers for April. 4. 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. Prepare the budgeted income statement for April. 7. 8. Prepare the budgeted balance sheet at April 30, 2024. Print Done X