Learning Object P22-54B Completing a comprehensive budgeting problem-merchandising company Belton Printing Company of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for the month of April 2018 and a balance sheet at April 30, 2018. The March 31, 2018, balance sheet follows: 6. Total cash pmts. 7. NI 5300 $ 75,700 BELTON PRINTING COMPANY Balance Sheet March 31, 2018 Assets Current Assets Cash $ 51,100 Accounts Receivable 13,600 Merchandise Inventory 12.000 Total Current Arts Property, Plant, and Equipment. Equipment and Fixtures 81.100 Less: Accumulated Depreciation (12,400) Total Assets Liabilities Current Liabilities Accounts Payable Stockholders' Equity Common Stock, no par $35.000 Retained Earnings 103,100 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 68.700 5 145.400 $ 8.300 137.100 5 145.400 As Belton Printing's controller, you have assembled the following additional information: 2. April dividends of $7,000 were declared and paid. b. April capital expenditures of $17,000 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 $24,800. f. April selling and administrative expenses includes salaries of $29,000, 20% of which will be paid in cash and the remainder paid next month. Additional April selling and administrative expenses also include miscellaneous expenses of 10% of sales, all paid in April. h. April budgeted sales, $86,000, 80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inven- tory, $8,300, 1. April purchases of inventory, $22,900 for cash and $37.20 on account. Half the credit purchases will be paid in April and half in May