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P-M:5-45A Completing a comprehensive budgeting problem-merchandising company Alliance Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and a balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: As Alliance Printing Supply's controller, you have assembled the following additional information: a. 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. e. 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 inventory, $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. 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