requirement 3 is already placed earlier

The budget committee of Paperclip Office Supply has assembled the following data: (Click the icon to view the March balance sheet) Click the icon to view the data) You have prepared the following budgets for April and May (Click the icon to view the sales budget) (Click the icon to view the inventory. Durchases, and cost of goods sold budget) Click the icon to view the song and administrative expense budget) Read theirements Data Table Requirement 1. Prepare the schedule of budgeted cash receipts from customers for April and May Paperclip Office Supply Budgeted Cash Receipts from Customers April and May, 2014 April May Current montes, 50% Prior month salos, 40% Tot cash receipt Requirement 2. Prepare the schedule of trudgeted cash payments for purchases Aprs and May Paperclip Office Supply Budgeted Cash Payments for Purchases Enter any number in the edit fields and then continue to the next question Paperclip Office Supply Sales Buget April and May, 2014 April 140,000 Total botas May 100 Print Done i More Info a. b. Sales in April are expected to be $140,000. 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. Cash receipts are 60% in the month of the sale and 40% in the month following the sale. Paperclip maintains inventory of $10,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Purchases are paid 70% in the month of purchase and 30% in the month following the purchase. Monthly salaries amount to $7,000. Sales commissions equal 5% of sales for that month. Salaries and commissions are paid 70% in the month incurred and 30% in the following month. Other monthly expenses are as follows: Rent: $2,800, paid as incurred Depreciation: $300 Insurance: $200, expiration of prepaid amount Income tax: $1,600, paid as incurred C. d. Print Done i Data Table 23,000 32,000 27,500 2,400 $ 84,900 Paperclip Office Supply Balance Sheet March 31, 2014 Assets Current Assets: Cash $ Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable $ Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 60,000 (10,000) 50,000 $ 134,900 14.250 3,300 17,550 om 16.000 101,350 117,350 134,900 Print Done adr i Data Table X Paperclip Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2014 April May 70,000 $ 27,850 71,400 28,200 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required 97,850 27,500 99,600 27,850 Less: Beginning merchandise inventory 70,350 $ 71,750 Budgeted Purchases Print Done Data Table Paperclip Office Supply Selling and Administrative Expense Budget April and May, 2014 April May Variable expenses: 7,000 $ 7,140 Commissions Expense Fixed expenses: 7,000 7,000 2,800 2,800 Salaries Expense Rent Expense Depreciation Expense Insurance Expense 300 300 200 200 For 10,300 10,300 Total fixed expenses 17,300 $ 17,440 Total selling and administrative expenses Print Done Requirements 1. Prepare the schedule of budgeted cash receipts from customers for April and May. 2. Prepare the schedule of budgeted cash payments for purchases for April and May. 3. Prepare the schedule of budgeted cash payments for selling and administrative expenses for April and May. Assume 25% of the accrual for Salaries and Commissions Payable is for commissions and 75% is for salaries. The March 31 balance will be paid in April. 4. Prepare the cash budget for April and May. Assume no financing took place. Print Done Requirement 1. Prepare the schedule of budgeted cash receipts from customers for April and May. Paperclip Office Supply Budgeted Cash Receipts from Customers April and May, 2014 April Current month sales, 60% Prior month sales, 40% May Total cash receipts Requirement 2. Prepare the schedule of budgeted cash payments for purchases for April and May. Paperclip Office Supply Budgeted Cash Payments for Purchases April and May, 2014 April 30% of last month's purchases 70% of current month's purchases Total cash payments for purchases May Requirement 3. Prepare the schedule of budgeted cash payments for selling and administrative e in April. (Round your answers to the nearest whole number.) Paperclip Office Supply Budgeted Cash Payments for Selling and Administrative Expenses April and May, 2014 April May Variable expenses: 30% of last month's Commission Expense 70% of current month's Commission Expense Total payments for variable expenses Fixed expenses 30% of last month's Salaries Expense 70% of current month's Salaries Expense Rent expense Total payments for fixed expenses Total payments for S and A expenses Route Requirement 4. Prepare the cash budget for April and May. Assume no financing took place. May Paperclip Office Supply Cash Budget April and May, 2014 April Beginning cash balance Cash receipts from customers Cash available Cash payments: Purchases of inventory Selling and administrative expenses Payments for income taxes Total cash payments Ending cash balance