Question:

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: 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 $6,500 2. April purchases of inventory. $5.100.50% of which is paid in cash, remaining balance in accounts payable on April 30. 3. The beginning balance of accounts payable is $800, all of which was paid in April. 4. April 1 equipment balance. $8,500 and accumulated depreciation is $2,000 5. April depreciation expense, 5800 5. April depreciation expense, $800 6. Cost of Goods sold = 30% of sales 7. Other April operating expenses, including income tax, total $3,600,75% W which was paid in cash and the remainder accrued (under accrued liabilities account) at April 30. 8. April 1 owner's equity. $18,100 9. April 1 cash balance, $5.900 10. April budgeted sales, $25,000, 75% which is collected in cash this month, and the remaining amount is the accounts receivable balance. Required 1) Oding 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 menth ended April 30, 20XX