Question Help Data Table X Paperclip Office Supply's March 310 (Click the icon to view the bala bly has assembled the following Requirement 1. Prepare Paperclip Paperclip Of Sales B April and 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 18,000 21,000 36,500 1,700 Total budgeted sales 77200 Requirement 2. Prepare Paperclip Inventory. 60.000 (28,000) 32,000 $ 109,200 Plus: Total merchandise inventory requir Less 19,000 9.450 Total Assets Liabilities Current Liabilities Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 28,450 Budgeted Purchases Requirement 3. Prepare Paperclip 21,000 59.750 80.750 Selling and 109,200 Print Done Choose from any list or enter any 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 (Click the icon to view the data) More Info Requirement 1. Prep a. b. c. d. Sales in April are expected to be $150,000. 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 $14,000 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 $10,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows Rent: $3.200 Depreciation: $500 Insurance: $200 Income tax $1,800 Total budgeted sales Requirement 2. Prep Print Done Plus: Total merchandise inventory Requirements Less Budgeted Purchases Requirement 3. Prepare Pap 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 Selling Print [Done] Choose from any list or enterary Tromber TEOTTO TUTTO 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 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 Total budgeted sales Requirement 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May Paperclip Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April Plus Total merchandise inventory required Less Budgeted Purchases Requirement 3. Prepare Paperclip seling and administrative expense budget for April and May Paperclip Office Supply Selling and Administrative Expense Budget April and May, 2018 April Mav 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: Click the icon to view the data) Read the requirements Inventory, Purchases, and cost of Goods Sold Budget April and May, 2018 April Plus: Total merchandise inventory required Less Budgeted Purchases Requirement 3. Prepare Paperclip's selling and administrative expense budget for April and May Paperclip Office Supply Selling and Administrative Expense Budget April and May, 2018 April Variable expenses: Fixed expenses Total fixed expenses Total selling and administrative expenses
