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Score: 3.07 of 10 pts 1 of 2 (1 complete) HW Score: 12.27%, 3.07 of 25 p 2x PM7-45A (open response) Question Help Tune 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.) As Tune Printing Supply's controller, you have assembled the following additional information: A (Click the icon to view the information.) X Data Table Requirement 1. Prepare the sales budget for April. Assets Current Assets: Tune Printing Supply Sales Budget For the Month Ended April 30, 2024 $ 87,000 Total budgeted sales Cash $ 50,800 Accounts Receivable 12,800 11,800 Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April Merchandise Inventory Total Current Assets $ 75,400 More Info Tune Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2024 Cost of goods sold $ Property, Plant, and Equipment: Equipment and Fixtures 80,400 (12,000) a. 43,500 Less: Accumulated Depreciation 68,400 Plus: Desired ending merchandise inventory 27,100 $ Total Assets 143,800 Total merchandise inventory required 70,600 Liabilities e. Less: Beginning merchandise inventory 11,800 Current Liabilities: April dividends of $3,000 were declared and paid. b. April capital expenditures of $16,500 budgeted for cash purchase of equipment. c. April depreciation expense, $600. d. Cost of goods sold, 50% of sales. Desired ending inventory for April is $27,100. f. April selling and administrative expenses include salaries of $32,000, 40% 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 10% of sales, all paid in April. h. April budgeted sales, $87,000, 80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,100. j. April purchases of inventory, $20,900 for cash and $37,900 on account. Half the credit purchases will be paid in April and half in May. 58,800 Budgeted Purchases Accounts Payable $ 8,100 Stockholders' Equity Requirement 3. Prepare the selling and administrative expense budget for April. Common Stock, no par $ Tune Printing Supply 55,000 80,700 Retained Earnings Total Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check Ang 135,700 $ 143,800 Print Done Total Liabilities and Stockholders' Equity parts remaining Score: 3.07 of 10 pts 1 of 2 (1 complete) HW Score: 12.27%, 3.07 of 25 p 2x PM7-45A (open response) Question Help Tune 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.) As Tune Printing Supply's controller, you have assembled the following additional information: A (Click the icon to view the information.) X Data Table Requirement 1. Prepare the sales budget for April. Assets Current Assets: Tune Printing Supply Sales Budget For the Month Ended April 30, 2024 $ 87,000 Total budgeted sales Cash $ 50,800 Accounts Receivable 12,800 11,800 Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April Merchandise Inventory Total Current Assets $ 75,400 More Info Tune Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2024 Cost of goods sold $ Property, Plant, and Equipment: Equipment and Fixtures 80,400 (12,000) a. 43,500 Less: Accumulated Depreciation 68,400 Plus: Desired ending merchandise inventory 27,100 $ Total Assets 143,800 Total merchandise inventory required 70,600 Liabilities e. Less: Beginning merchandise inventory 11,800 Current Liabilities: April dividends of $3,000 were declared and paid. b. April capital expenditures of $16,500 budgeted for cash purchase of equipment. c. April depreciation expense, $600. d. Cost of goods sold, 50% of sales. Desired ending inventory for April is $27,100. f. April selling and administrative expenses include salaries of $32,000, 40% 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 10% of sales, all paid in April. h. April budgeted sales, $87,000, 80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,100. j. April purchases of inventory, $20,900 for cash and $37,900 on account. Half the credit purchases will be paid in April and half in May. 58,800 Budgeted Purchases Accounts Payable $ 8,100 Stockholders' Equity Requirement 3. Prepare the selling and administrative expense budget for April. Common Stock, no par $ Tune Printing Supply 55,000 80,700 Retained Earnings Total Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check Ang 135,700 $ 143,800 Print Done Total Liabilities and Stockholders' Equity parts remaining
