3 - Homework Ch 0 Ch 08 i Help Bumen way Balance Sheet April 30 Assets Cash $12,700 Aceounts receivable 66,500 Inventory 48,500 Buildings and equipment, net of depreciation 229,000 Total assets $356,700 Liabilities and Stockholders' Equity Accounts payable $67,500 Note payable 19,100 Corthon stock 180,000 Retained earnings 90,100 Total liabilities and stockholders' equity $356,700 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $262,000 for May. Of these sales, $78,600 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales lare made, and the remainder is collected in the following month