Instrument Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2018 and budgeted balance sheet at April 30, 2018. The March 31, 2018, balance sheet follows: (balance sheet pictures)

As instrument Printing Supply's controller, you have assembled the following additional information: (refer to picture that contains a-j)

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 in 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.

7. prepare the budgeted income statement for April.

8. prepare the budgeted balance sheet at April 30, 2018.

Instrument Printing Supply Balance Sheet March 31, 2018 Assets Current Assets Cash 50.300 Accounts Receivable 16,300 12,300 78.900 Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 81,200 (12,400) Less: Accumulated Depreciation 68,800 147 zon Print Done $ 147,700 Total Assets Liabilities $ 7,900 Current Liabilities Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 30,000 109,800 139,800 147,700 Done i More Info a. April dividends of $8,000 were declared and paid. b. April capital expenditures of $16,700 budgeted for cash purchase of equipment. c. April depreciation expense, $900. d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $23,600. f. April selling and administrative expenses include salaries of $33,000 40% 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. $91,000, 65% collected in April and 35% in May i. April cash payments of March 31 liabilities incurred for March purchases of inventory. $7.900 April purchases of inventory. $9,800 for cash and $37.900 on account Half the credit purchases will be paid in April and half in May