Supply's Mard to view the i Data Table - X ply has assem Prepare Clip! Clipboar April Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation 30,000 15,000 25,500 2,500 sales Prepare Clip 73,000 Inventa 56,000 (23,000) 33,000 106,000 lise inventory 18,000 4,700 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 22,700 hases 3. Prepare Clip! 14,000 69,300 Selling 83,300 106,000 $ any list or enter Print Done X Sup upply's Mal to view the O Requirements Prepare Clip 1. Prepare Clipboard's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Clipboard's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Clipboard's selling and administrative expense budget for April and Clipbog May April Print Done A More Info a. C. Sales in April are expected to be $100,000. Clipboard 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. Clipboard 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 $8,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,800 Depreciation: $800 Insurance: $500 Income tax: $1,600 Print Done Clipboard Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet) The budget committee of Clipboard Office Supply has assembled the following data: Click the icon to view the data.) Read the fequirements Requirement 1. Prepare Clipboard's sales budget for April and May 2018. Round all amounts to the nearest dollar Clipboard Office Supply Sales Budget April and May, 2018 April May Total budgeted sales Requirement 2. Prepare Clipboard's inventory, purchases, and cost of goods sold budget for April and May. Clipboard Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April Plus: Total merchandise inventory required Less: Budgeted Purchases Requirement 3. Prepare Clipboard's seling and administrative expense budget for April and May Clipboard Office Supply Selling and Administrative Expense Budget April and May, 2018 April May April and May, 2018 April May Plus: Total merchandise inventory required Less: Budgeted Purchases Requirement 3. Prepare Clipboard's selling and administrative expense budget for April and May. Clipboard Office Supply Selling and Administrative Expense Budget April and May, 2018 April Variable expenses: May Fixed expenses: Total fixed expenses Total selling and administrative expenses
