Learning Objectives 5, 6 5A Completing a comprehensive budgeting problem-merchand company lance Printing Supply of Baltimore bas s bank has to dected income statement for April 2012 andeb h Apel 30, 2018 farch 31, 2018, balance sheet follows 6. Tatal cash pms 579,200 7. N 56,500 ALLIANCE PRINTING SUPPLY Balance Sheet March 31, 2018 5 78,200 57.600 Assets Current Assets Cash $ 50,700 Accounts Receivable 15.500 Merchandise Inventory 12.000 Total Current Assets Property. Plant, and Equipment Equipment and Fixtures 80 500 Less: Accumulated Depreciation (12,9001 Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $39.000 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 145.800 58,600 137200 $ 145.800 As Alliance Printing Supply's controller, you have assembled the following additional information: 2. April dividends of $7,000 were declared and paid. b. April capital expenditures of $16,300 budgeted for cash purchase of equipment. c. April depreciation expense, $1,000. d. Cost of goods sold, 40% of sales c. Desired ending inventory for April is $22,400. f. April selling and administrative expenses include salaries of $37,000, 30% 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, $89,000, 80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inven- tory, $8,600 1. April purchases of inventory, 58,600 for cash and $37,400 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 fe 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 for April 6. Prepare the cash budget for April. Assume the company does not use short for 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. Printing Supply's controller, you have assembled the following additional As Alliance Printing Sun information: a. April dividends oril dividends of $7,000 were declared and paid. il capital expenditures of $16,300 budgeted for cash purchase of equipment. c. April depreciation expense, $1,000. d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $22,400. April selling and administrative expenses include salaries of $37,000, 30% 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, $89,000, 80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inven- tory, $8,600. j. April purchases of inventory, $8,600 for cash and $37,400 on account. Half the credit purchases will be paid in April and half in May