Requirement 1. Prepare Watercooler's sales budget for April and May 2024. Round all amounts to the...

  

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Requirement 1. Prepare Watercooler's sales budget for April and May 2024. Round all amounts to the nearest dollar. Watercooler Office Supply Sales Budget April and May, 2024 April May $ 160,000 $ 163,200 Total budgeted sales Requirement 2. Prepare Watercooler's inventory, purchases, and cost of goods sold budget for April and May. Watercooler Supply Company Inventory, Purchases, and Cost of Goods Sold Budget Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required April and May, 2024 April May 80,000 $ 81,600 28,400 28,800 108,400 110,400 28,000 28,400 69 80,400 82,000 Less: Beginning merchandise inventory Budgeted Purchases Requirement 3. Prepare Watercooler's selling and administrative expense budget for April and May. Watercooler Office Supply Selling and Administrative Expense Budget April and May, 2024 Variable expenses: Commissions Expense April May $ 8,000 $ 8,160 Fixed expenses: Salaries Expense Rent Expense Depreciation Expense 9,000 9,000 2,200 2,200 400 400 300 300 Insurance Expense 11,900 11,900 Total fixed expenses 19,900 20,060 Total selling and administrative expenses Data table Paperclip Office Supply Balance Sheet March 31, 2024 Assets Current Assets: Cash 34,000 Accounts Receivable 19,000 Merchandise Inventory 25,500 Prepaid Insurance 1,500 Total Current Assets $ 80,000 Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities 60,000 (18,000) 42,000 $ 122,000 Current Liabilities: Accounts Payable $ 15,000 3,825 Salaries and Commissions Payable Current Liabilities: Liabilities Accounts Payable Salaries and Commissions Payable Total Liabilities 15,000 3,825 18,825 Stockholders' Equity Common Stock, no par 16,000 87,175 Retained Earnings 103,175 Total Stockholders' Equity $ 122,000 Total Liabilities and Stockholders' Equity Requirements 1. Prepare Paperclip's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Paperclip's selling and administrative expense budget for April and May. Print Done Requirement 1. Prepare Watercooler's sales budget for April and May 2024. Round all amounts to the nearest dollar. Watercooler Office Supply Sales Budget April and May, 2024 April May $ 160,000 $ 163,200 Total budgeted sales Requirement 2. Prepare Watercooler's inventory, purchases, and cost of goods sold budget for April and May. Watercooler Supply Company Inventory, Purchases, and Cost of Goods Sold Budget Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required April and May, 2024 April May 80,000 $ 81,600 28,400 28,800 108,400 110,400 28,000 28,400 69 80,400 82,000 Less: Beginning merchandise inventory Budgeted Purchases Requirement 3. Prepare Watercooler's selling and administrative expense budget for April and May. Watercooler Office Supply Selling and Administrative Expense Budget April and May, 2024 Variable expenses: Commissions Expense April May $ 8,000 $ 8,160 Fixed expenses: Salaries Expense Rent Expense Depreciation Expense 9,000 9,000 2,200 2,200 400 400 300 300 Insurance Expense 11,900 11,900 Total fixed expenses 19,900 20,060 Total selling and administrative expenses Data table Paperclip Office Supply Balance Sheet March 31, 2024 Assets Current Assets: Cash 34,000 Accounts Receivable 19,000 Merchandise Inventory 25,500 Prepaid Insurance 1,500 Total Current Assets $ 80,000 Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities 60,000 (18,000) 42,000 $ 122,000 Current Liabilities: Accounts Payable $ 15,000 3,825 Salaries and Commissions Payable Current Liabilities: Liabilities Accounts Payable Salaries and Commissions Payable Total Liabilities 15,000 3,825 18,825 Stockholders' Equity Common Stock, no par 16,000 87,175 Retained Earnings 103,175 Total Stockholders' Equity $ 122,000 Total Liabilities and Stockholders' Equity Requirements 1. Prepare Paperclip's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Paperclip's selling and administrative expense budget for April and May. Print Done