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Review the budgeted cash receipts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared above. Budgeted Balance Sheet April 30, 2024 Assets Current Assets: Total Current Assets Property, Plant, and Equipment: Total Assets Liabilities Current Liabilities: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ March 51, 2024} & \\ \hline \multicolumn{5}{|c|}{ Assets } & \\ \hline \multicolumn{6}{|l|}{ Current Assets: } \\ \hline Cash & $ & 50,900 & & & \\ \hline Accounts Receivable & & 17,100 & & & \\ \hline Merchandise Inventory & & 12,400 & & & \\ \hline Total Current Assets & & & $ & 80,400 & \\ \hline \multicolumn{6}{|l|}{ Property, Plant, and Equipment: } \\ \hline Equipment and Fixtures & & 80,600 & & & \\ \hline \multicolumn{2}{|l|}{ Less: Accumulated Depreciation } & (12,300) & & 68,300 & \\ \hline Total Assets & & & $ & 148,700 & \\ \hline \multicolumn{6}{|c|}{ Liabilities } \\ \hline \multicolumn{6}{|l|}{ Current Liabilities: } \\ \hline Accounts Payable & & & $ & 8,500 & \\ \hline \multicolumn{6}{|c|}{ Stockholders' Equity } \\ \hline Common Stock, no par & $ & 45,000 & & & \\ \hline Retained Earnings & & 95,200 & & & \\ \hline Total Stockholders' Equity & & & & 140,200 & \\ \hline Total Liabilities and Stockholders' E & & & $ & 148,700 & \\ \hline \end{tabular} a. April dividends of $6,500 were declared and paid. b. April capital expenditures of $16,400 budgeted for cash purchase of equipment. c. April depreciation expense, $700. d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of $38,000,30% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 15% of sales, all paid in April. h. April budgeted sales, $87,000,80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,500. j. April purchases of inventory, $7,700 for cash and $37,500 on account. Half the credit purchases will be paid in April and half in May. Requirement 3. Prepare the selling and administrative expense budget for April. Requirement 4. Prepare the budgeted cash receipts from customers for April. Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared abov Requirement 8. Prepare the budgeted balance sheet at April 30, 2024. Review the cash budget you prepared above. Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. Requirement 6. Prepare the cash budget for April. Assume the company does not use short-ferm financing to maintain a minimum cash balance. Review the budgeted cash receipts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Sheet Printing Supply of Baltimore has applied for a loan. lis bank has requested a budgeted income statement for April 2024 and budgeted bolance sheet at Aprit 30, 2024. The March 31 , 2024, balance sheet follows: As Sheet Printing Supply's controller, you have assembled the following additional information (1) (Click the icon to viow the intormation.) Read the requirements Requirement 1. Prepare the salos budget for Apni. Requirement 2. Prepare the inwentory, purchasos, and cost of goods sold budget for Apeil. Requirement 3, Propare the selling and administrative expense budget for Apnil
