Key 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: Click the icon to view the balance sheet.) As Key Printing Supply's controller, you have assembled the following additional information: (Click the icon to view the information.) Read the requiroments. Data table Data table a. April dividends of $5,500 were declared and paid. b. April capital expenditures of $16,700 budgeted for cash purchase of equipment. c. April depreciation expense, $600. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $21,200. f. April selling and administrative expenses include salaries of $31,000,25% 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, $91,000,60% collected in April and 40% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,100. j. April purchases of inventory, $12,550 for cash and $37,200 on account. Half the credit purchases will be paid in April and half in May. 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. 7. Prepare the budgeted income statement for April. 8. Prepare the budgeted balance sheet at April 30, 2024. Requirement 1. Prepare the sales budget for April. 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 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 selling and administrative expenses 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 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. Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity
