Requirement 1. Prepare the sales budget for April. Key Printing Supply Sales Budget For the Month Ended April 30, 2018 Total budgeted sales Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April. Key Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2018 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases Requirement 3. Prepare the selling and administrative expense budget for April. Key Printing Supply Selling and Administrative Expense Budget For the Month Ended April 30, 2018 Variable expenses: Miscellaneous expense Fixed expenses: Salaries expense Depreciation expense Total fixed expenses Total selling and administrative expenses Daquinament Drenare the budante each recinte frem temere for Aril Requirement 4. Prepare the budgeted cash receipts from customers for April. Key Printing Supply Budgeted Cash Receipts from Customers For the Month Ended April 30, 2018 Current month sales, 65% Prior month sales, 35% Total cash receipts Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. Key Printing Supply Budgeted Cash Payments for Selling and Administrative Expenses For the Month Ended April 30, 2018 Variable expenses: Miscellaneous expenses Fixed expenses: III 40% of current month's salaries expense Total payments for selling and administrative expenses Requirement 4. Prepare the cash budget for January and February 2018. Assume no financing took place. Omaha Company Cash Budget Two Months Ended February 28, 2018 January February Beginning cash balance Cash receipts from customers Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Payments for income taxes Total cash payments Ending cash balance Key Printing Supply Cash Budget For the Month Ended April 30, 2018 Beginning cash balance Cash receipts from customers Cash available Cash payments: Purchases of merchandise inventory Selling and administrative expenses Capital expenditures Payments for dividend Total cash payments Ending cash balance Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared Key Printing Supply Budgeted Income Statement For the Month Ended April 30, 2018 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Miscellaneous Expense Salaries Expense Depreciation Expense Total Selling and Administrative Expenses Net income (loss) Key Printing Supply Budgeted Balance Sheet April 30, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Key Printing Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $ 51,200 Accounts Receivable Merchandise Inventory 13,200 12,100 Total Current Assets $ 76,500 Property, Plant, and Equipment: Equipment and Fixtures 81,000 (12,200) Less: Accumulated Depreciation 68,800 $ Total Assets 145,300 Liabilities Current Liabilities: $ 8,400 Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 55,000 81,900 136,900 $ 145,300 Total Liabilities and Stockholders' Equity c. a. April dividends of $4,000 were declared and paid. b. April capital expenditures of $16,800 budgeted for cash purchase of equipment. April depreciation expense, $500. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $21,200. f. April selling and administrative expenses include salaries of $35,000, 40% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 10% of sales, all paid in April. h. April budgeted sales, $88,000, 65% collected in April and 35% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,400. j. April purchases of inventory, $11,600 for cash and $37,100 on account. Half the credit purchases will be paid in April and half in May