Watercooler Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Watercooler Office Supply has assembled the following data: i (Click the icon to view the data.) Read the requirements - X More info Requirement 1. Prepare Watercooler's sales budget for April and May 2018. Round all amounts to the nearest dollar. Watercooler Office Supply Sales Budget April and May, 2018 April May Data table a. b. . Total budgeted sales Watercooler Office Supply Balance Sheet c. d. Sales in April are expected to be $220,000. Watercooler forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over April sales. July sales will increase 20% over April sales Watercooler maintains inventory of $14.000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue Monthly salaries amount to $4,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2.600 Depreciation: $500 Insurance: $200 Income tax: $1,800 March 31, 2018 Assets Requirement 2. Prepare Watercooler's inventory. purchases, and cost of goods sold budget for April and May. Watercooler Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April May Current Assets: Cash $ 28.000 Accounts Receivable 32.000 Merchandise Inventory 41,500 1,500 Print Done Plus: Total merchandise inventory required Prepaid Insurance Total Current Assets S 103,000 Less: Property. Plant, and Equipment: Equipment and Fixtures Budgeted Purchases 42.000 (15,000) 27,000 Less: Accumulated Depreciation $ 130,000 - X Total Assets Requirements Requirement 3. Prepare Watercooler's selling and administrative expense budget for April and May. Watercooler Office Supply Selling and Administrative Expense Budget April and May, 2018 Liabilities Current Liabilities: April May Accounts Payable $ 10,000 3,200 Variable expenses: Salaries and Commissions Payable Total Liabilities 1. Prepare Watercooler's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Watercooler's inventory. purchases, and cost of goods sold budget for April and May. 3. Prepare Watercooler's selling and administrative expense budget for April and May $ 13,200 Fixed expenses: Stockholders' Equity Common Stock, no par 14,000 102,800 Retained Earnings Print Done Total Stockholders' Equity 116,800 $ 130,000 Total Liabilities and Stockholders' Equity Total fixed expenses Total selling and administrative expenses Print Done