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P22-42A (similar to) Question Help O Paperclip Office Supply's March 31, 2018, balance sheet follows: : (Click the icon to view the balance sheet.) The budget committee of Paperclip Office Supply has assembled the following data: i (Click the icon to view the data.) Read the requirements. 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 * More Info a. b. C. d. Sales in April are expected to be $60,000. 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 $10,000 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: $3,000 Depreciation: $500 Insurance: $300 Income tax: $1,500 i 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 i Data Table Paperclip Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $ Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation 23,000 21,000 17,500 1,400 62,900 42,000 (10,000) 32,000 94,900 $ 14,000 2,600 Total Assets Liabilities Current Liabilities: Accounts Payable $ Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity $ 16,600 18,000 60,300 78,300 94,900 Total Liabilities and Stockholders' Equity