Paperclip Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) Requirement 1. Prepare Paperclip's sales budget for April and May 2018. Round all amounts to the nearest dollar. Paperclip Office Supply Sales Budget April and May, 2018 | April | May Total budgeted sales i X - Data Table of Paperclip iew the data. Paperclip Office Supply Balance Sheet March 31, 2018 Assets Current Assets 30,000 15,000 31,500 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 2,500 $ 79,000 60,000 (30,000) 30,000 Less: Accumulated Depreciation $ 109,000 Total Assets Liabilities Current Liabilities: Accounts Payable 13,000 4,725 Salaries and Commissions Payable Total Liabilities $ 17,725 Stockholders' Equity Common Stock, no par 14,000 77,275 Retained Earnings Total Stockholders' Equity 91,275 Print Done 1 More Info - X Ice a. b. c. d. Sales in April are expected to be $140,000. Paperclip 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. Paperclip 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 $3,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,600 Depreciation: $600 Insurance: $300 Income tax: $1,800 Print Done Requirements 1. Prepare Paperclip's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May 3. Prepare Paperclip's selling and administrative expense budget for April and May. Print Done Question Help P22-42A (similar to) Paperclip Office Supply's March 31, 2018, balance sheet follows: Click the icon to view the balance sheet) The budget committee of Panairi Ofice Supply has assembled the following data: i Data Tahic More Info - X a. Requirement 1. Prepare Paperclip's sales budget for April and May 2018. Round al amounts to the nearest dola Paperclip Office Supply Sales Budget April and May, 2018 April May b. C. d. Balance Sheet March 31, 2018 ARSA Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid insurance Total Current ARGA Property, Plant, and Equipment Equipment and turns Less: Accumulated Depreciation Total budgeted sales Sales in April are expected to be $140.000. Paperclip forecasts that monthly sales will increase 2% over April sules in May June's sales will increase by 4% over April sales July we will Increase 208 over April sales Papercip 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 $3,000 Sales commissions equal 5% of sales for that month Other monthly expenses are as follows: - Rent 52 60p Depreciation: 3000 luran $300 income tax 51.000 30.000 15.000 31.500 2.500 $ 79.00 Print Donc 60.000 (30.000) $ 30,000 109,000 0 Requirements 13,000 725 4 Total AS Liabilities Current Liabilities: Accounts Payable 5 Sales and Commission P Total Liabilities Stockholders' Equity Common Stock, no per Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 17.725 1. Prepare Paperclp's sales budget for April and May 2010. Round al Colations to the nearest dolar. 2. Prepare Paperclip's very purchases and coat of gods sold budget for April and May. 3. Prepare Paperclip's selling and administrative expense budget for April and 14.000 77.275 91 275 Print Done $ 109,000 Enter any number in the edit fields and then click Check Answer 2 parts remaining Print Done Check
