Part VI. Budgeted Balance Sheet (16 Points) Cainas Cookies has applied for a loan with Bank of America. The bank has requested a budgeted balance sheet as of May 31, 2020. The controller of Cainas Cookies has assembled the following information: 1. May 1 inventory balance, $5,000 2. May purchases of inventory, $4,600, 80% of which is paid in cash, remaining balance in accounts payable on May 31. 3. The beginning balance of accounts payable is $800, all of which was paid in May. 4. May 1 equipment balance, $8,800 and accumulated depreciation is $2,400 5. May depreciation expense, $400 6. Cost of Goods sold = 50% of sales 7. Other May operating expenses, including income tax, total $3,400, 75% if which was paid in cash and the remainder accrued (under accrued liabilities account) at May 31. 8. May 1 owner's equity, $15,800 9. May 1 cash balance, $5,200 10. May budgeted sales, $18,500, 75% which is collected in cash this month. 11. May 31 accounts receivable balance is 25% of May sales Prepare a budgeted balance sheet for Cainas Cookies. (HINT: USE TACCOUNTS TO SET UP PROBLEM AND THEN CREATE YOUR BALANCE SHEET!) Question 37 15 pts 1) Using your clean scrap paper, prepare a T account analysis of account balances. 2) Prepare an income statement and a balance sheet. 3) Insert a 5 column table into this answer box and enter your balance sheet here. Use the first 2 columns for asset account titles and amounts, skip a column, then use the last 2 columns for liability and equity account titles and amounts