Refer to Problem P22A- 52B. 

Requirements 

1. Prepare the schedule of budgeted cash receipts from customers for April and May. 

2. Prepare the schedule of budgeted cash payments for purchases for April and May. 

3. Prepare the schedule of budgeted cash payments for selling and administrative expense for April and May. Assume 25% of the accrual for Sales and Commissions Payable is for commissions and 75% is for salaries. The March 31 balance will be paid in April. 

4. Prepare the cash budget for April and May. Assume no financing took place.

CUPBOARD OFFICE SUPPLY Balance Sheet March 31, 2014 Assets Current Assets: Cash $ 28,000 Accounts Receivable 11,500 Merchandise Inventory 15,000 Prepaid Insurance 1,000 Total Current Assets $ 55,500 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (20,000) 35,000 Total Assets $ 90,500 Liabilities Current Liabilities: Accounts Payable $ 10,500 Salaries and Commissions Payable 1,200 Total Liabilities $ 11,700 Stockholders' Equity Common Stock 25,000 Retained Earnings 53,800 Total Stockholders' Equity 78,800 Total Liabilities and Stockholders' Equity $ 90,500