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. 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. Prepare the budgeted income statement for April. Prepare the budgeted balance sheet at April 30, 2018. 7. 8. X Data Table - Balance Sheet March 31, 2018 Assets Current Assets: Cash $ 50,200 12,400 Accounts Receivable Merchandise Inventory 12,200 Total Current Assets 74,800 Property, Plant, and Equipment: Equipment and Fixtures 81,100 (12,500) Less: Accumulated Depreciation 68,600 143,400 Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,500 Stockholders' Equity Common Stock, no par $ 40,000 94,900 Retained Earnings 134 ann $ 143,400 Total Liabilities and Stockholders' Equity i - X More Info a. April dividends of $3,000 were declared and paid. b. April capital expenditures of $16,600 budgeted for cash purchase of equipment. c. April depreciation expense, $400. d. Cost of goods sold, 50% of sales. e. Desired ending inventory for April is $29,500. f. April selling and administrative expenses include salaries of $29,000, 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, 75% collected in April and 25% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,500. j. April purchases of inventory, $19,400 for cash and $37,900 on account. Half the credit purchases will be paid in April and half in May