Notebook Office Supply's March 31, 2024, balance sheet follows: Data table Assets - X Current Assets: Cash 20,000 Accounts Receivable 14,000 Merchandise Inventory 18,000 Prepaid Insurance 1,400 Total Current Assets 53,400 earest doll Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (14,000) 41,000 $ 94,400 Total Assets The budget committee of Notebook Office Supply has assembled the following data: More info a. Sales in April are expected to be $40,000. Notebook forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over April sales. July sales will increase 20% over April sales. b. Notebook maintains inventory of $13,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. C. Monthly salaries amount to $5,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent: $2,200 Depreciation: $300 Insurance: $200 Income tax: $2,100 Print Done