Omaha Office Supply's March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Omaha Office Supply ha (Click the icon to view the data.) - Data Table Read the requirements Omaha Office Supply Requirement 1. Prepare Omaha's sales budget for April and May 2024. Round all amounts to the nearest dollar. Balance Sheet March 31, 2024 Assets Omaha Office Supply Sales Budget April and May, 2024 April $ 60.000 Total budgeted sales Current Assets Cash $ 34,000 May 61,200 $ More Info Accounts Receivable 20,000 Merchandise Inventory 21.500 Requirement 2. Prepare Omaha's inventory, purchases, and cost of goods sold budget for April and Ma 1,700 $ 77,200 Omaha Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2024 April b. Sales in April are expected to be $60,000. 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. Omaha maintains inventory of $14,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $8,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,600 Depreciation: $500 Insurance: $300 Income tax: $2,300 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures c. d. May 52,000 (10,000) Less: Accumulated Depreciation 42,000 $ Total Assets 119,200 Plus Total merchandise inventory required Liabilities Current Liabilities: Less Budgeted Purchases 13,000 9,100 Print Done Accounts Payable $ Salaries and Commissions Payable Total Liabilities Stockholders' Equity $ 22,100 Common Stock, no par 10,000 87,100 Retained Earnings Total Stockholders' Equity 97,100 s $ 119,200 Total Liabilities and Stockholders' Equity