Instrument Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows Ei3. (Click the icon to view the balance sheet.) Data table As Instrument Printing Supply's controller, you have assembled the following additional information (1) (Click the icon to view the information) Read the requirements. More info a. April dividends of $2,000 were declared and paid. b. April capital expenditures of $16,600 budgeted for cash purchase of equipment c. April depreciation expense, $200 d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $28,300 f. April selling and administrative expenses include salaries of $36,000,30% of which will be paid in cash and the remainder paid next month g. Additional Aprii selling and administrative expenses also include miscellaneous expenses of 5% of sales, all paid in April h. April budgeted sales, $86,000,60% collected in April and 40% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory. 58.500 j. April purchases of inventory, $13,400 for cash and $37,600 on account. Half the credit purchases will be paid in April and half in May. Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April Requirement 3. Prepare the selling and administrative expense budget for April Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April Instrument Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2024 pense budget for April. Cost of goods sold 1 Depreciation expense Ending inventory Miscellaneous expense R ive expense budget for April. Purchases Salaries expense Sales Fixed expenses: Total fixed expenses Total selling and administrative expenses Requirement 4. Prepare the budgeted cash receipts from customers for April. Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. 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 receipts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared above. Requirement 8. Prepare the budgeted balance sheet at April 30, 2024 Instrument Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows Ei3. (Click the icon to view the balance sheet.) Data table As Instrument Printing Supply's controller, you have assembled the following additional information (1) (Click the icon to view the information) Read the requirements. More info a. April dividends of $2,000 were declared and paid. b. April capital expenditures of $16,600 budgeted for cash purchase of equipment c. April depreciation expense, $200 d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $28,300 f. April selling and administrative expenses include salaries of $36,000,30% of which will be paid in cash and the remainder paid next month g. Additional Aprii selling and administrative expenses also include miscellaneous expenses of 5% of sales, all paid in April h. April budgeted sales, $86,000,60% collected in April and 40% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory. 58.500 j. April purchases of inventory, $13,400 for cash and $37,600 on account. Half the credit purchases will be paid in April and half in May. Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April Requirement 3. Prepare the selling and administrative expense budget for April Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April Instrument Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2024 pense budget for April. Cost of goods sold 1 Depreciation expense Ending inventory Miscellaneous expense R ive expense budget for April. Purchases Salaries expense Sales Fixed expenses: Total fixed expenses Total selling and administrative expenses Requirement 4. Prepare the budgeted cash receipts from customers for April. Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. 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 receipts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared above. Requirement 8. Prepare the budgeted balance sheet at April 30, 2024