Requiremen 1. Prepare Paperclips sales budget for Aprti and May 2024. Round it amounts to the mooiste dotat. Paperclip Ofice Supply Sales Budget April and Mey 2024 April May Total Paperclip Office Supply Balance Sheet March 31, 2024 Assets Current Assets Cash $ 26.000 Accounts Receivable 15,000 Merchandise Inventory 24.500 Prepaid Insurance 1,500 Total Current Assets S 67.000 Property. Plant, and Equipment Equipment and Fixtures Less Accumulated Depreciation 55,000 (30.000) 25.000 Less: Accumulated Depreciation (30,000) 25,000 S 92,000 Total Assets Liabilities Current Liabilities: Accounts Payable A 19,000 Salaries and Commissions Payable 2.925 Total Liabilities $ 21.925 Stockholders' Equity Common Stock, no par 21.000 49,075 Retained Earnings Total Stockholders' Equity 70.075 Total Liabilities and Stockholders Equity S 92,000 1 a. Sales in April are expected to be $100,000. 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. b. Paperclip maintains inventory of $12,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. C. Monthly salaries amount to $6,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent $3.000 Depreciation 5400 Insurance $300 Income tax 52.300 . 1. Prepare Paperclip's sales budget for April and May 2024. 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