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Requirements i 1. Prepare the sales budget for April. Prepare the inventory, purchases, and cost of goods sold budget for April. 3. Prepare the selling and administrative expense budget for April. 4. Prepare the schedule of cash receipts from customers for April. 5. Prepare the schedule of cash payments 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, 2024. 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: Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Net income (loss) 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 Requirements i 1. Prepare the sales budget for April. Prepare the inventory, purchases, and cost of goods sold budget for April. 3. Prepare the selling and administrative expense budget for April. 4. Prepare the schedule of cash receipts from customers for April. 5. Prepare the schedule of cash payments 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, 2024. 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: Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Net income (loss) 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
