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Melissa's Medical Supply Company has applied for a loan with Bank of America and the bank has requested a budgeted balance sheet as of April 30th. As the controller, you have assembled the following information: Prepare a budgeted balance sheet for Melissa's Medical Supply Company. (HINT: USET ACCOUNTS TO SET UP PROBLEM AND THEN INPUT THE RESULTS INTO THE BALANCE SHEET BELOW!) 1. April 1 inventory balance, $5,500 2. April purchases of inventory, $4,100, 70% of which is paid in cash, remaining balance in accounts payable on April 30. 3. The beginning balance of accounts payable is $700, all of which was paid in April. 4. April 1 equipment balance, $8,800 and accumulated depreciation is $2,400 5. April depreciation expense, $300 6. Cost of Goods sold = 40% of sales 7. Other April operating expenses, including income tax, total $3,500, 75% if which was paid in cash and the remainder accrued (under accrued liabilities account) at April 30. 8. April 1 owner's equity, $16,400 9. April 1 cash balance, $5,200 10. April budgeted sales, $18,500, 75% which is collected in cash this month, and the remaining amount is the accounts receivable balance. 10. April budgeted sales, $18,500.75% which is collected in cash this month, and the remaining amount is the accounts receivable balance. Required: 1) Using your clean scrap paper, prepare a T account analysis of account balances. 2) Use the T-Account results to prepare the income statement and a balance sheet below. Melissa's Medical Supply Company INCOME STATEMENT For the month ended April 30, 20XX Sales COGS Gross Profit Selling, General, Administrative Expenses Net Income Melissa's Medical Supply Company Melissa's Medical Supply Company BALANCE SHEET As of April 30, 20XX ASSETS: Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Total Assets: LIABILITIES: Accounts Payable Total Assets: LIABILITIES: Accounts Payable Accrued Liabilities STOCKHOLDERS EQUITY: Equity Total Liabilities and Equity