went and Master Bu Completing a comprehensive budgeting problem-merchandising ecember 31, 2018 company Learning Objectiv Bon Printing budeted income Dining Company of Baltimore has applied for akan lis bank has requested and income statement for the month of April 2018 and a balance sheet at April The March 31, 2018, balance sheet follow 31, 2018 The March 31 6. Total cash pents 7. NI 5300 a balance sheet at April BELTON PRINTING COMPANY Balance Sheet March 31, 2018 $ 76,700 Assets Current Assets: Cash $ 51,100 Accounts Receivable 13,600 Merchandise Inventory 12,000 Total Current Assets Property. Plant, and Equipment: Equipment and Fixtures 81,100 Less: Accumulated Depreciation (12,400) Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 35,000 Retained Earnings 102,100 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 68.700 $ 145,400 $ 8,300 informa 137,100 $ 145,400 As Belton Printing's controller, you have assembled the following additional information: a. April dividends of $7,000 were declared and paid. b. April capital expenditures of $17,000 budgeted for cash purchase of equipment. c. April depreciation expense, $800. d. Cost of goods sold, 55% of sales. e. Desired ending inventory for April is $24,800. f. April selling and administrative expenses includes salaries of $29,000, 20% of which will be paid in cash and the remainder paid next month. Additional April selling and administrative expenses also include miscellaneous expenses of 10% of sales, all paid in April. h. April budgeted sales, $86,000, 80% collected in April and 20% in May. i. April cash payments of March 31 liabilities incurred for March purchases of inven- tory, $8,300. 1. April purchases of inventory, $22,900 for cash and $37,200 on account. Half the credit purchases will be paid in April and half in May. tion ods sold budget for April Requirements 1. Prepare the sales budget for April. 2. Prepare the inventory, purchases, and cost of goods sold 1 3. Prepare the selling and administrative expense budget for A 4. Prepare the schedule of cash receipts from customers for A 5. Prepare the schedule of cash payments for selling and adminis for April. 6. Prepare the cash budget for April. Assume the company doe financing to maintain a minimum cash balance. 7. Prepare the budgeted income statement for April. 8. Prepare the budgeted balance sheet at April 30, 2018. P22-55B Using sensitivity anal administrative expenses mpany does not use short-term