Professional Printing Supply of Baltimore, MD has applied for a loan. Its bank has requested a Budgeted Balance Sheet and a Budgeted Statement e Cash Flows for the Second Quarter in 2023. However, to complete these budgets all necessary Budgets and Pro Forma Financials must also be completed. Management at Professional Printing Supply has asked your team to prepare the budget. Information for Completing the Budget Professional Printing Supply's Controller, assembled the following additional information for you tearn: 1. April budgeted Sales = 584 , 000 , 70 collected in April and the remainder collected in May, sales are expected increase by 5% each montr. Professional Printing Supply's Controller, assembled the following additional infermation for you team: 1. April budgeted Sales = $84 , 000 , 70% collected in April and the remainder collected in May, sales are expected increase by 5% each monthr 2. Cost of Goods Sold, 40% of sales: 3. Desired Ending Inventory is 15% of the next month's sales: 4. April Selling and Administrative Expenses - Salaries total $36 , 000 , 40% of which will be paid in cash and the remaining amount to be paid next month; 5. Additional April Selling and Administrative Expenses equals 15% of Sales, 20% paid in cash and the remainder to be paid next monthe 6. April Dividends of 54,000 were declared and Paid; 7. Any Beginning Accounts Payable on the Balance Sheet are paid in the current monthe 8. Management requires there to be a minimum cash balance of $70 , 000 a month. Additional information that is already entered into the Budget Template - April 1 Capital Expenditures for equipment costing $16 , 600 budseted: $5 , 000 down in April and the Remainder on a 60 Day, 6%6 Note. - April Depreciation Expense, $600 for equipment on the booksew equipenent uses straight-line depreciabion, $4000 residual value, with a usetul life of 5 years (de months). PROFESSIONAL PRINTING SUPPLY Budgeted Income Statement For the Quarter Ending June 30, 2023 PROFESSIONAL PRINTING SUPPLY Statement of Retained Earnings For the Quarter Ending June 30, 2023