Requirements 7 and 8

Key Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for A budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: a. April dividends of $4,500 were declared and paid. b. April capital expenditures of $16,400 budgeted for cash purchase of equipment. c. April depreciation expense, $300. d. Cost of goods sold, 40% of sales. e. Desired ending inventory for April is $27,100. f. April selling and administrative expenses include salaries of $39,000,30% of which will be Review the seming and aamnstrative expense puaget you preparea above. paid in cash and the remainder paid next month. Review the inventory, purchases, and cost of goods sold budget you prepared above. g. Additional April selling and administrative expenses also include miscellaneous expenses of 5% of sales, all paid in April. h. April budgeted sales, $87,000,60% collected in April and 40% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $8,000. j. April purchases of inventory, $13,000 for cash and $37,200 on account. Half the credit purchases will be paid in April and half in May. Data table Requirement 8. Prepare the budgeted balance sheet at April 30, 2024. Review the cash budget you prepared above