Sheet Printing Supply of Baltimore has

applied for a loan. Its bank has requested a

budgeted income statement for April $2024$

and budgeted balance sheet at April $30,2024.$

As Sheet Printing Supply's controller,

you have assembled the following

additional information:

a$.$ April dividends of $$3,000$ were declared and paid.

b$.$ April capital expenditures of $$16,500$ budgeted for cash purchase of equipment.

c$.$ April depreciation expense, $$400.$

d$.$ Cost of goods sold, $40\%$ of sales.

e$.$ Desired ending inventory for April is $$29,500.$

f$.$ April selling and administrative expenses include salaries of $$31,000,30\%$ 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

$5\%$ of sales, all paid in April.

h$.$ April budgeted sales, $$83,000,55\%$ collected in April and $45\%$ in May.

i$.$ April cash payments of March $31$ liabilities incurred for March purchases of inventory, $$8,300.$

j$.$ April purchases of inventory, $$12,600$ for cash and $$37,700$ on account. Half the credit

purchases will be paid in April and half in May.

Requirements:

$1.$Prepare the sales budget for April.

$2.$Prepare the inventory, purchases, and cost of goods sold budget for April.

$3.$ Prepare the selling and administrative expense budget for April.

$4.$ Prepare the schedule of cash receipts from customers for April.

$5.$ Prepare the schedule of cash payments for selling and administrative expenses for April.

$6.$ Prepare the cash budget for April. Assume the company does not

use short$-$term financing to maintain a minimum cash balance.

$7.$Prepare the budgeted income statement for April.

$8.$ Prepare the budgeted balance sheet at April $30,2024.$