P9-62A Combined cash budget and a budgeted balance sheet (Learning Objective 3) Hugo Medical Supply has applied for a loan. Pacific Commerce Bank has requested a budgeted balance sheet as of April 30 and a combined cash budget for April. As Hugo Medical Supply's controller, you have assembled the following information: a. March 31 equipment balance, $52,600; accumulated depreciation, $41,300 b. April capital expenditures of $42,400 budgeted for cash purchase of equipment April depreciation expense, $700 d. Cost of goods sold, 60% of sales Other April operating expenses, including income tax, total $14,200, 35% of which will be paid in cash and the remainder accrued at April 30 C. e. f. March 31 owners' equity, $92,600 g. March 31 cash balance, $40,300 h. April budgeted sales, $90,000, 70% of which is for cash. Of the remaining 30%, half will be collected in April and half in May. i. April cash collections on March sales, $29,100 j. April cash payments of March 31 liabilities incurred for March purchases of inventory, $17,300 k. March 31 inventory balance, $29,200 I April purchases of inventory, $10,700 for cash and $36,300 on credit. Half of the credit purchases will be paid in April and half in May. Requirements 1. Prepare the budgeted balance sheet for Hugo Medical Supply at April 30. Show sepa- rate computations for cash, inventory, and owners' equity balances