I need help With Problem P22-41A in Horngren Accounting 12th Edition

P22-54B Completing a comprehensive budgeting problem- merchandising company Belton Printing Company of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for the month of April 2018 and a balance sheet at April 30, 2018. The March 31, 2018, balance sheet follows BELTON PRINTING COMPANY Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets 51,100 13,600 12,000 76,700 Property, Plant, and Equipment Equipment and Fixtures Less: Accumulated Depreciation 81,100 68,700 145,400 (12,400) Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,300 Stockholders' Equity Common Stock, no par Retained Earnings 35,000 102,100 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 137,100 145,400 As Belton Printing's controller, you have assembled the following additional information: a. April dividends of $7,000 were declared and paid. b. April capital expenditures of $17,000 budgeted for cash purchase of equipment. c. April depreciation expense, $800. d. Cost of goods sold, 55% of sales. e. Desired ending inventory for April is $24,800 f. April selling and administrative expenses includes salaries of $29,000, 20% 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, $86,000, 80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,300 j. April purchases of inventory, $22,900 for cash and $37,200 on account. Half the credit purchases will be paid in April and half in May. Requirements 1. Prepare the sales budget for April 2. Prepare the inventory, purchases, and cost of goods sold 3. Prepare the selling and administrative expense budget for 4. Prepare the schedule of cash receipts from customers for 5. Prepare the schedule of cash payments for selling and 6. Prepare the cash budget for April. Assume the company budget for April April April. administrative expenses for April. does not use short-term financing to maintain a minimum cash balance. Total cash pmts. $88,200 7. Prepare the budgeted income statement for April NI $300 S. Prepare the budgeted balance sheet at Apni 30, 2018