PROBLEM 2 Campina Company is a wholesale distributor of premium ice cream. The company's statement of financial position as of March 31, 2021 is given below: Campina Company Statement of Financial Position As of March 31, 2021 Assets Cash 11.000 54.000 20.000 Accounts Receivable Inventory Buildings and equipment, net of depreciation Total Assets 207.000 292.000 Liabilities and Stockholder's Equity Accounts Payable Note Payable Common Stock Retained Earnings Total Liabilities and Stockholder's Equity 55.000 14.500 180.000 42.500 292.000 The company is in the process of preparing a budget for April and has assembled the following data: a. Sales are budgeted at $200,000 for April. Of these sales, $60,000 will be for cash; the remainder will be credit sales. 70% of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the March 31 accounts receivable will be collected in April. b. Purchases of inventory are expected to total $120,000 during April. These purchases will all be on account. 40% of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the March 31 accounts payable to suppliers will be paid during April. c. The April 30 inventory balance is budgeted at $50,000. d. Selling and administrative expenses for April are budgeted at $80,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on the March 31 balance sheet will be paid during April, with $100 in interest. (All of the interest relates to April.) f. New refrigerating equipment costing $6,500 will be purchased for cash during April. g. During April, the company will borrow $20,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required: 1. Prepare a cash budget for April. Support your budget with a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases. 2. Prepare a budgeted income statement for April. 3. Prepare a budgeted balance sheet as of April 31