True Printing Company of Baltimore has applied for a loan. Its bank has requested a budgeted balance sheet at April 30, 2016 and a budgeted statement of cash flows for April. The March 31, 2016 balance sheet follows:

True Printing Company
Balance Sheet
March 31, 2016
ASSETS
Current Assets:
Cash	$ 50,300
Accounts Receivable	17,100
Merchandise Inventory	12,100
Total Current Assets		$ 79,500
Property, Plant & Equipment:
Equipment and Fixtures	81,200
Less: Accumulated Depreciation	- 12,200	$ 69,000
Total Assets		$ 148,500
LIABILITIES
Current Liabilities:
Accounts Payable	8,300
Total Liabilities		$ 8,300
STOCKHOLDERS' EQUITY
Common Stock, no par	20,000
Retained Earnings	120,200
Total Stockholders' Equity		140,200
Total Liabilities & Stockholders' Equity		$ 148,500

Additional Information: As true Printing's controller, you have assembled the following additional information:

a. April dividends of $3,500 were declared and paid.

b. April capital expenditures of $16,900 budgeted for the cash purchase of equipment.

c. April depreciation expense, $200.

d. Cost of Goods Sold, 40% of sales

e. Desired ending inventory for April is $24,800

f. April selling and administrative expenses includes salaries of $39,000, 40% of whichwill be paid in cash and the remainder paid next month.

g. Additional April selling and administrative expenses also include miscellaneous expenses of 10% of sales, all paid in April.

h. April budgeted sales, $87,000, 60% collected in April and 40% in May.

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

j. April purchases of inventory, $9,900 for cash and $37,600 on account. Half the credit purchases will be paid in April and half in May.

Required:

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 budget for April.

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

5. Prepare the schedule of cash paymnets 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, 2016.

9. Prepare the budgeted statement of cash flows for April.