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The Best Chocolate Company is a wholesale distributor of premium European chocolates. The company s balance sheet on March 3 1 is as follows: THE

The Best Chocolate Company is a wholesale distributor of premium European chocolates. The companys balance sheet on March 31 is as follows:
THE BEST CHOCLOLATE COMPANY
Balance Sheet
March 31
Assets
Cash $ 12,600
Accounts receivable, customers 58,500
Inventory 32,700
Buildings and equipment, net of depreciation 225,000
Total assets $ 328,800
Liabilities and Shareholders Equity
Accounts payable, suppliers $ 68,400
Note payable 16,300
Capital shares, no par 198,000
Retained earnings 46,100
Total liabilities and shareholders equity $ 328,800
The company is in the process of preparing budget data for April. A number of budget items have already been prepared, as follows:
Sales are budgeted at $380,000 for April. Of these sales, $114,000 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of the April 30 receivables will be collected in April.
Purchases of inventory are expected to total $228,000 during April. These purchases will all be on account. 30% of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the March 31 accounts payable to suppliers will be paid during April.
The April 30 inventory balance is budgeted at $76,000.
Operating expenses for April are budgeted at $136,800, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,800 for the month.
The note payable on the March 31 balance sheet will be paid during April, with $130 in interest. (All of the interest relates to April.)
New refrigerating equipment costing $8,300 will be purchased for cash during April.
During April, the company will borrow $38,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.
Q.Prepare a cash budget for April. (Any "Repayments" and "Interest" should be indicated by a minus sign.)
Prepare a budgeted income statement for April.
Prepare a budgeted balance sheet as of April 30.

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