Note Printing Supply Balance Sheet March 31, 2024 Assets Current Assets: Cash 50,400 Accounts Receivable 13,600 11,700 Merchandise Inventory Total Current Assets 75,700 Property, Plant, and Equipment: Equipment and Fixtures 81,300 (13,000) Less: Accumulated Depreciation 68,300 $ 144,000 Total Assets Liabilities Current Liabilities: Accounts Payable 8,300 Stockholders' Equity Common Stock, no par 25,000 Retained Earnings 110,700 Total Stockholders' Equity 135,700 $ 144,000 Total Liabilities and Stockholders' Equity e. a. April dividends of $3,500 were declared and paid. b. April capital expenditures of $16,500 budgeted for cash purchase of equipment. C. April depreciation expense, $900. d. Cost of goods sold, 45% of sales. Desired ending inventory for April is $24,800. f. April selling and administrative expenses include salaries of $38,000, 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, $82,000, 65% collected in April and 35% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,300. j. April purchases of inventory, $12,500 for cash and $37,500 on account. Half the credit purchases will be paid in April and half in May. Requirement 1. Prepare the sales budget for April. Note Printing Supply Sales Budget For the Month Ended April 30, 2024 Total budgeted sales 82000 Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April. Note Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2024 Cost of goods sold 36900 Plus: Desired ending merchandise inventory 24800 Total merchandise inventory required 61700 11700 Less: Beginning merchandise inventory Budgeted Purchases 50000 Requirement 3. Prepare the selling and administrative expense budget for April. Note Printing Supply Selling and Administrative Expense Budget For the Month Ended April 30, 2024 Variable expenses: Miscellaneous expense 4100 Fixed expenses: Salaries expense 38000 Depreciation expense 900 Total fixed expenses 38900 Total selling and administrative expenses 43000 Requirement 4. Prepare the budgeted cash receipts from customers for April. Note Printing Supply Budgeted Cash Receipts from Customers For the Month Ended April 30, 2024 Current month sales, 65% 53300 13600 Prior month sales, 35% Total cash receipts 66900 Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. Note Printing Supply Budgeted Cash Payments for Selling and Administrative Expenses For the Month Ended April 30, 2024 Variable expenses: Miscellaneous expenses Fixed expenses: 25% of current month's salaries expense Total payments for selling and administrative expenses 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. Note Printing Supply Cash Budget For the Month Ended April 30, 2024 Cash available Cash payments: Total cash payments Ending cash balance 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. Note Printing Supply Budgeted Income Statement For the Month Ended April 30, 2024 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Net income (loss) Requirement 8. Prepare the budgeted balance sheet at April 30, 2024. Review the cash budget you prepared above. Note Printing Supply Budgeted Balance Sheet April 30, 2024 Assets Current Assets: Total Current Assets Property, Plant, and Equipment: Total Assets Liabilities Current Liabilities: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity