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:

Data table

Key Printing Supply

Balance Sheet

March $31,2024$

Assets

Current Assets:

Cash

$$51,000$

Accounts Receivable

$12,400$

Merchandise Inventory

$12,100$

Total Current Assets

$$75,500$

Property, Plant, and Equipment:

Equipment and Fixtures

$80,400$

Less: Accumulated Depreciation

$(12,100)$

$68,300$

Total Assets

$$143,800$

Liabilities

Current Liabilities:

Accounts Payable

$$7,800$

Stockholders' Equity

Common Stock, no par

$$42,000$

Retained Earnings

$94,000$

Total Stockholders' Equity

$136,000$

Total Liabilities and Stockholders' Equity

$$143,800$

As Key Printing$$ Supply's controller, you have assembled the following additional$$ information:

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a$.$

April dividends of $ $6$ comma $500$ were declared and paid.

b$.$

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

c$.$

April depreciation$$ expense, $ $800.$

d$.$

Cost of goods$$ sold, $55\%$ of sales.

e$.$

Desired ending inventory for April is $ $29$ comma $500.$

f$.$

April selling and administrative expenses include salaries of $ $31$ comma $000,20\%$ 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, $ $86$ comma $000,50\%$ collected in April and $50\%$ in May.

i$.$

April cash payments of March $31$ liabilities incurred for March purchases of$$ inventory, $ $7$ comma $800.$

j$.$

April purchases of$$ inventory, $ $27$ comma $400$ for cash and $ $37$ comma $300$ on account. Half the credit purchases will be paid in April and half in May.

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.

Key Printing Supply

Sales Budget

For the Month Ended April $30,2024$

Total budgeted sales

Part $2$

Requirement $2.$ Prepare the$$ inventory, purchases, and cost of goods sold budget for April.

Key Printing Supply

Inventory, Purchases, and Cost of Goods Sold Budget

For the Month Ended April $30,2024$

Plus:

Total merchandise inventory required

Less:

Budgeted Purchases

Part $3$

Requirement $3.$ Prepare the selling and administrative expense budget for April.

Key Printing Supply

Selling and Administrative Expense Budget

For the Month Ended April $30,2024$

Variable expenses:

Fixed expenses:

Total fixed expenses

Total selling and administrative expenses

Part $4$

Requirement $4.$ Prepare the budgeted cash receipts from customers for April.

Key Printing Supply

Budgeted Cash Receipts from Customers

For the Month Ended April $30,2024$

Current month sales, $50\%$

Prior month sales, $50\%$

Total cash receipts

Part $5$

Requirement $5.$ Prepare the budgeted cash payments for selling and administrative expenses for April.

Key Printing Supply

Budgeted Cash Payments for Selling and Administrative Expenses

For the Month Ended April $30,2024$

Variable expenses:

Miscellaneous expenses

Fixed expenses:

$20\%$ of current month's salaries expense

Total payments for selling and administrative expenses

Part $6$

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.LOADING...

Review the budgeted cash payments for selling and administrative expenses you prepared above.LOADING...

Key Printing Supply

Cash Budget

For the Month Ended April $30,2024$

Cash available

Cash payments:

Total cash payments

Ending cash balance

Part $7$

Requirement $7.$ Prepare the budgeted income statement for April.

Review the sales budget you prepared above.LOADING...

Review the selling and administrative expense budget you prepared above.LOADING...

Review the inventory, purchases, and cost of goods sold budget you prepared above.LOADING...

Key Printing Supply

Budgeted Income Statement

For the Month Ended April $30,2024$

Gross Profit

Selling and Administrative Expenses:

Total Selling and Administrative Expenses

N et income $($loss$)$

$8$

Prepare the budgeted balance sheet at April $30,2024.$

Review the cash budget you prepared above.

Key Printing jsupply

budgeted ballece sheey

april $30,2024$

$30,2024$

Assets

Current Assets;

$-------$

$--$

$--$

total current assets $-$

property, plant, and eqipment:

$--$

$---$

total assets $-$

liabilities

current liabilites :

$--$

$--$

total liabilties $-$

stockholders equity

$--$

$--$

total arockholders equity $-$

total liabilies and stock holders equity $-$