I'm having trouble with the following problem:

EZ Printing Company has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2017, and a budgeted statement of cash flows for April. As EZ Printing Companys controller, you have assembled the following information:

March 31 equipment balance, $80,900; accumulated depreciation, $12,900

April capital expenditures of $16,900 budgeted for cash purchase of equipment

April depreciation expense, $600

Cost of goods sold, 45% of sales

Other April operating expenses, including income tax, total $33,000, 40% of which will be paid in cash and the remainder accrued at the end of April

March 31 stockholders equity, $136,700

March 31 cash balance, $50,200

April budgeted sales, $84,000, 60% of which is for cash; of the remaining 40%, half will be collected in April and half in May

April cash collections on March sales, $15,300

April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,600

March 31 inventory balance, $11,800

April purchases of inventory, $10,800 for cash and $37,200 on credit. Half the credit purchases will be paid in April and half in May.

Requirements:

1.Prepare the budgeted balance sheet for EZ Printing Company at April 30, 2017.Show separate computations for cash, inventory, and stockholders equity balances.

2.Prepare the budgeted statement of cash flows for April.

3.Suppose that EZ Printing Company has become aware of more efficient (and more expensive) equipment than it budgeted for purchase in April. What is the total amount of cash available for equipment purchases in April, before financing, if the minimum desired ending cash balance is $21,000? (For this requirement, disregard the $16,900 initially budgeted for equipment purchases.)