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i More Info e. a. April dividends of $4,500 were declared and paid. b. April capital expenditures of $16,000 budgeted for cash purchase of equipment. C. April depreciation expense, $400. d. Cost of goods sold, 45% of sales. Desired ending inventory for April is $28,300. f. April selling and administrative expenses include salaries of $34,000, 20% of which will 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, $80,000, 65% collected in April and 35% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inventory, $7,800. j. April purchases of inventory, $14,800 for cash and $37,600 on account. Half the credit purchases will be paid in April and half in May. Instrument Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) As Instrument Printing Supply's controller, you have assembled the following additional information: (Click the icon to view the information.) Read the requirements. Instrument Printing Supply Sales Budget For the Month Ended April 30, 2024 Total budgeted sales Requirement 2. Prepare the inventory, purchases, and cost of goods sold budget for April. Instrument Printing Supply Inventory, Purchases, and Cost of Goods Sold Budget For the Month Ended April 30, 2024 Plus: Total merchandise inventory required Less: Budgeted Purchases Instrument Printing Supply Balance Sheet March 31, 2024 Assets $ 51,000 12,800 11,900 Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation $ 75,700 80,600 (13,000) 67,600 $ 143,300 Total Assets Liabilities $ 7,800 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 24,000 111,500 135,500 $ 143,300 Total Liabilities and Stockholders' Equity Requirement 3. Prepare the selling and administrative expense budget for April. Instrument Printing Supply Selling and Administrative Expense Budget For the Month Ended April 30, 2024 Variable expenses: Fixed expenses: Total fixed expenses Total selling and administrative expenses Requirement 4. Prepare the budgeted cash receipts from customers for April. Instrument Printing Supply Budgeted Cash Receipts from Customers For the Month Ended April 30, 2024 Current month sales, 65% Prior month sales, 35% Total cash receipts Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. Instrument Printing Supply Budgeted Cash Payments for Selling and Administrative Expenses For the Month Ended April 30, 2024 Variable expenses: Miscellaneous expenses Fixed expenses: 20% of current month's salaries expense IT Total payments for selling and administrative expenses Requirement 6. Prepare the cash budget for April. Assume the company does not use short-term financing to maintain a minimum cash balance Review the budgeted cash receipts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Instrument Printing Supply Cash Budget For the Month Ended April 30, 2024 Cash available Cash payments: Total cash payments Ending cash balance Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared above. Instrument Printing Supply Budgeted Income Statement For the Month Ended April 30, 2024 Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Net income (loss) Requirement 8. Prepare the budgeted balance sheet at April 30, 2024. Review the cash budget you prepared above. Instrument Printing Supply Budgeted Balance Sheet April 30, 2024 Assets Current Assets: Total Current Assets Property, Plant, and Equipment: Total Assets Liabilities Current Liabilities: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity i Requirements 1. Prepare Vinson Company's budgeted income statement for the first quarter of 2025. 2. Prepare Vinson Company's budgeted balance sheet as of March 31, 2025. Print Done