a table Current Assets: Tune Printing Supply Balance Sheet March 31, 2024 Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment Equipment and Fixtures i Less Accumulated Depreciation Total Assets Current Liabilities: Liabilities Read the requirements 50,200 15,700 11,800 $ 77,700 More info a. April dividends of $3,000 were declared and paid. b. April capital expenditures of $16,400 budgeted for cash purchase of equipment. c. April depreciation expense, $700. d. Cost of goods sold, 45% of sales e. Desired ending inventory for April is $29,500. f. April selling and administrative expenses include salaries of $29,000, 30% of which will be paid in cash and the remainder paid next month. 9. Additional April selling and administrative expenses also include miscellaneous expenses of 15% of sales, all paid in April. h. April budgeted sales, $90,000, 75% collected in April and 25% in May. 80,400 (12,100) 68,300 146,000 1. J. April cash payments of March 31 Sabilities incurred for March purchases of inventory. $7,800. April purchases of inventory, $20,400 for cash and $37,800 on account. Half the credit purchases will be paid in April and half in May. Accounts Payable 5 7,800 Stockholders' Equity Common Stock, no par $ 40,000 Retained Earnings 98,200 Total Stockholders' Equity 138,200 $ 140,000 Total Liabilities and Stockholders' Equity Print Done Requirement 1. Prepare the sales budget for April. Tune 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. Tune 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 Requirement 3. Prepare the selling and administrative expense budget for April. Tune 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. Tune Printing Supply Budgeted Cash Receipts from Customers For the Month Ended April 30, 2024 Current month sales, 75%. Prior month sales, 25% Total cash receipts Requirement 5. Prepare the budgeted cash payments for selling and administrative expenses for April. Tune Printing Supply Budgeted Cash Payments for Selling and Administrative Expenses Variable expenses: For the Month Ended April 30, 2024 Miscellaneous expenses Fixed expenses: 30% of current month's salaries expense 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 ba Review the budgeted cash receipts from customers you prepared above. Review the budgeted cash payments for selling and administrative expenses you prepared above. Tune Printing Supply Cash Budget For the Month Ended April 30, 2024 Cash available Cash payments: Total cash payments Ending cash balance Requirement 7. Prepare the budgeted income statement for April. Review the sales budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the inventory, purchases, and cost of goods sold budget you prepared above. Tune Printing Supply Budgeted Income Statement For the Month Ended April 30, 2024 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. Tune Printing Supply Requirement 8. Prepare the budgeted balance sheet at April 30, 2024. Review the cash budget you prepared above. Current Assets: Tune Printing Supply Budgeted Balance Sheet April 30, 2024 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