Score: 0 of 25 pts 6 of 6 (2 complete) HW Score: 15%, 15 of 100 pts P22-42A (similar to) Question Help Fountain Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Fountain Office Supply has assembled the following data: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare Fountain's sales budget for April and May 2018. Round all amounts to the nearest dollar Fountain Office Supply Sales Budget April and May, 2018 April May Total budgeted sales Enter any number in the edit fields and then click Check Answer. Homework: Chapter 22 Homework Save Score: 0 of 25 pts 6 of 6 (2 complete) HW Score: 15%, 15 of 100 pts P22-42A (sin Data Table i More Info Fountain Office Su (Click the icon a. Fountain Office Supply Requirement 1.Pd b. Balance Sheet March 31, 2018 Assets C. Sales in April are expected to be $160,000. Fountain 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. Fountain maintains inventory of $13,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $9,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,400 Depreciation: $600 Insurance: $200 Income tax: $2,400 Current Assets: Cash $ Accounts Receivable Merchandise Inventory 35,000 32,000 33,000 1,400 Total budgeted sa Print Done $ 101,400 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 35,000 (18,000) Less: Accumulated Depreciation 17,000 Requirements $ 118,400 Total Assets Liabilities Current Liabilities: Accounts Payable $ 12,000 7,800 1. Prepare Fountain's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Fountain's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Fountain's selling and administrative expense budget for April and May. Salaries and Commissions Payable Total Liabilities $ 19,800 Stockholders' Equity Print Done Enter any number Print Done parts Clear All Check