ing Supply's c information: to view the inft Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings \begin{tabular}{rr} $35,000 \\ & 105,600 \\ \hline \end{tabular} Total Stockholders' Equity Total Liabilities and Stockholders' Equity $148,900 a. April dividends of $2,000 were declared and paid. b. April capital expenditures of $17,000 budgeted for cash purchase of equipment. c. April depreciation expense, $500. d. Cost of goods sold, 60% of sales. e. Desired ending inventory for April is $26,900. f. April selling and administrative expenses include 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 5% of sales, all paid in April. h. April budgeted sales, $90,000,80% 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, $30,900 for cash and $37,600 on account. Half the credit purchases will be paid in April and half in May. Instrument Printing Supply of Baltirnore has applied for a loan. Its bank has requested a budgeted income statement for Apri 2024 and budgeted balance As Instrument Printing Supply's controller; you have assembled the sheet at Apri 30, 2024. The March 31, 2024, baiance sheet follows: following additional information: (Click the ioon to view the balance sheet) Cick the icon to view the information.) Read the reguirements. Requirement 1. Prepare the sales budget for April. Requirement 2. Prepare the irventory, purchases, and cost of goods sold budget for Apnil. Instrument Printing Supply of Baltimore has applied for a loan. Its bank has As instrument Printing Supply's controiler, you have assembled the requested a budgeled income statement for April 2024 and budgeted balance following additional information: sheet at April 30, 2024, The March 31, 2024, balance sheet follows: Click the icon lo view the information.) (Click the licon to view the balance sheet) Read the requirements. Requirement 3. Prepare the selling and administrative expense budget for Aprit. Requirement 4. Prepare the budgeted cash receipts from customers for April. Requirement 4. Prepare the budgeted cash receipts from customers for April. Requirement 5. Prepare the budgeted cash payments for seling and administrative expenses for Apri. Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. Requirement 6. Prepare the cash buoget for Aprl. Assume the company does notfise short-term financing to maintain a minimum cash balance. Requirement 6. Prepare the cash budget for April. Assume the company does not use short-term financing to maintain a minimum cash balance. Review the budgeted cash recelpts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Instrument Printing Supply Budgeted Income Statement For the Month Ended April 30, 2024 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Net income (loss) Instrument Printing Supply Budgeted Balance Sheet April 30, 2024 Assets Current Assets: Total Current Assets Property. Plant, and Equipment: Total Assets Total Assets Liabilities Current Liabilities: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
