Sheet Printing of Harbour Bay has applied for a loan. Scotiabank has requested a budgeted balance sheet as of April 30 and a combined cash budget for April. As Sheet Printing's controller, you have assembled the following information: (Click the icon to view the information.) Requirements Requirement 1. Prepare the budgeted balance sheet for Sheet Printing at April 30. Show separate computations for cash, inventory, and owners' equity balances Begin by calculating the cash balance. Cash Data Table Beginning balance Cash inflows: Cash sales Collections Cash outflows: Payment of March liabilities Cash purchases Payments for April (credit) purchases Purchase of equipment Operating expenses a. March 31 equipment balance, $52,500: accumulated depreciation, $41,300 b. April capital expenditures of $42,000 budgeted for cash purchase of equipment C. April depreciation expense, $200 d. Cost of goods sold, 65% of sales e. Other April operating expenses, including income tax, total $13,400, 25% of which will be paid in cash and the remainder accrued at April 30 f. March 31 owners' equity, $93,800 g. March 31 cash balance, $40,700 h. April budgeted sales, $90,000, 60% of which is for cash. Of the remaining 40%, half will be collected in April and half in May i. April cash collections on March sales, $29,200 j April cash payments of March 31 liabilities incurred for March purchases of inventory, 517,200 K. March 31 inventory balance, $29,900 1. April purchases of inventory, $10,600 for cash and $36,400 on credit. Half of the credit purchases will be paid in April and half in May Ending balance Calculate the inventory balance, Inventory Print Done Beginning balance Add: Purchases Less: Cost of goods sold Ending balance Calculate the inventory balance. Data Table Inventory Beginning balance Add: Purchases Less: Cost of goods sold Ending balance a. March 31 equipment balance, $52,500; accumulated depreciation, $41,300 b. April capital expenditures of $42,000 budgeted for cash purchase of equipment C. April depreciation expense, $200 d. Cost of goods sold, 65% of sales e. Other April operating expenses, including income tax, total $13,400, 25% of which will be paid in cash and the remainder accrued at April 30 f. March 31 owners' equity, $93,800 g. March 31 cash balance, $40,700 h. April budgeted sales, $90,000, 60% of which is for cash. Of the remaining 40%, half will be collected in April and half in May i. April cash collections on March sales, $29,200 . April cash payments of March 31 liabilities incurred for March purchases of inventory, $17,200 k. March 31 inventory balance, $29,900 I. April purchases of inventory, $10,600 for cash and $36,400 on credit. Half of the credit purchases will be paid in April and half in May Calculate the owners' equity balance. Owners' Equity Beginning balance Add: Revenues Less: Print Done Expenses Ending balance Prepare the budgeted balance sheet for Sheet Printing at April 30. Enter any number in the edit fields and then click Check Answer. Prepare the budgeted balance sheet for Sheet Printing at April 30. Sheet Printing Budgeted Balance Sheet April 30 Assets Current assets: Cash Accounts receivable Inventory Total current assets Plant assets: Equipment Accumulated depreciation Total assets Liabilities Current liabilities: Accounts payable Accrued expenses payable Total liabilities Owners' Equity Owners' equity Total liabilities and owners' equity
