CHECK FIGURES $(1)(2)$ April $30$ cash balance: $$8,900$ NI: $$15,900$ The Best Chocolate Company is a wholesale distributor of premium European chocolates. The company's balance sheet on March $31$ is as follows: THE BEST CHOCOLATE COMPANY Balance Sheet March $31$ Assets Cash Accounts receivable, customers Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Shareholders' Equity USD$/$INR $+0\mathrm{.}24\%$ Accounts payable, suppliers Note payable Capital shares, no par Retained earnings Total liabilities and shareholders' equity The company is in the process of preparing budget data for April. A number of budget items have already been prepared, as Search DELL $ $9,00054,00030,000207,000$ $$300,000$ $ $63,00014,500180,00042,500$ $$300,000$Sales are budgeted at $$200,000$ for April. Of these sales, $$60,000$ 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 are made, and the remainder are collected in the following month. All of the April $30$ receivables will be collected in April. $$Purchases of inventory are expected to total $$120,000$ during April. These purchases will all be on account. $40\%$ of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the March $31$ accounts payable to suppliers will be paid during April. $$The April $30$ inventory balance is budgeted at $$40,000.$Operating expenses for April are budgeted at $$72,000,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$2,000$ for the month. $$The note payable on the March $31$ balance sheet will be paid during April, with $ $100$ in interest. $($All of the interest relates to April.$)$New refrigerating equipment costing $$6,500$ will be purchased for cash during April. $$During April, the company will borrow $$20,000$ from its bank by giving a new note payable to the bank for that amount. The new note be due in one year. Required: $$Prepare a cash budget for April. Support your budget with schedules showing budgeted cash receipts from sales and budgeted cash payments for inventory purchases. $$Prepare a budgeted income statement for April. Use the traditional income statement format. $$Prepare a budgeted balance sheet as of April $30.$