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CQ' Sunys 31.2011 I _ A" 2016 and Liabilities Current Liabilities: Atcounts Payable Salaries and Commissions Payable Total Stockholders Equity Common Stock, no par Retained Eamings Total Stockholders' Equity Total Liabilities and Stockholders' Equity __J 16.000 21,000 73,000 22.000 R equirements More info 116,000 b. c. d. Sales in April are expected to be S220,000. Notebook 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 over April sales, Cash receipts are in the month ot the sale and 30% in the month following the sale. Notebook maintains inventory of SIO,OOO plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue Purchases are pad 30% the month of purchase and 70% in the month following the purchase. Monthly salaries amount to 5,000. Sales commissions equal 5% of sales for that month. Salaries and commissions are paid 40% in the month incurred and 60% in the following month. Other monthly expenses are as follows. Rent: S2,400, paid as incurred oeprecjatiom sno Insurance: SIOO, expiration of prepaid amount Income tax. S2,500, paid as incurred