I he best Lnocolate Lompany is a wholesale distributor or premum turopean chocolates. Ine company s balance sheet on march $31$ is as follows:

The company is in the process of preparing budget data for April. A number of budget items have already been prepared, as follows:

a$.$ Sales are budgeted at $$300,000$ for April. Of these sales, $$90,000$ will be for cash; the remainder will be credit sales. One$-$half of a month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of the April $30$ receivables will be collected in April.

b$.$ Purchases of inventory are expected to total $$180,000$ during April. These purchases will all be on account. $30\%$ of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the March $31$ accounts payable to suppliers will be paid during April.

c$.$ The April $30$ inventory balance is budgeted at $$60,000.$

d$.$ Operating expenses for April are budgeted at $$108,000,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$3,000$ for the month.

e$.$ The note payable on the March $31$ balance sheet will be paid during April, with $$90$ in interest. $($All of the interest relates to April.$)$

f$.$ New refrigerating equipment costing $$7,500$ will be purchased for cash during April.

a$.$ Durina April. the companv will borrow $$30\mathrm{.}000$ from its bank bv aiving a new note pavable to the bank for that amount. The new