Omaha Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) i Requirements 1. Prepare Omaha's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Omaha's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Omaha's selling and administrative expense budget for April and May. More Info Print Done X to the nearest doll Data Table The budget committee of Omaha Office Supply has assembled the following data: i (Click the icon to view the data.) Read the requirements. Omaha Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash 34,000 Accounts Receivable 20,000 Merchandise Inventory 23,000 1,700 Prepaid Insurance Total Current Assets 78,700 a. Sales in April are expected to be $80,000. Omaha 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. Omaha 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 $10,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent: $3,200 Depreciation: $700 Insurance: $400 Income tax: $1,800 Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Liabilities Print Done Salaries and Commissions Payable Total Liabilities 60,000 (14,000) 46,000 124,700 17,000 5,333 22,333 Stockholders' Equity Common Stock, no par 13,000 89,367 Retained Earnings Total Stockholders' Equity 102,367 $ 124,700 Total Liabilities and Stockholders' Equity Print Done