Tune Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income
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Question:
Tune Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April
and budgeted balance sheet at April
The March
balance sheet
follows: Tune Printing Supply
Balance Sheet
March
Assets
Current Assets:
Cash
$
Accounts Receivable
Merchandise Inventory
Total Current Assets
$74,400
Property, Plant, and Equipment:
Equipment and Fixtures
Less: Accumulated Depreciation
Total Assets
$143,700
Liabilities
Current Liabilities:
Accounts Payable
$8,200
Stockholders' Equity
Common Stock, no par
$
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
$
As Tune Printing
Supplys controller, you have assembled the following additional
information:a
April dividends of $
comma
were declared and paid.
b
April capital expenditures of $
comma
budgeted for cash purchase of equipment.
c
April depreciation
expense $
d
Cost of goods
sold
of sales.
e
Desired ending inventory for April is $
comma
f
April selling and administrative expenses include salaries of $
comma
of which will be paid in cash and the remainder paid next month.
g
Additional April selling and administrative expenses also include miscellaneous expenses of
of
sales all paid in April.
h
April budgeted
sales $
comma
collected in April and
in May.
i
April cash payments of March
liabilities incurred for March purchases of
inventory $
comma
j
April purchases of
inventory $
comma
for cash and $
comma
on account. Half the credit purchases will be paid in April and half in May. Requirement
Prepare the sales budget for April.
Tune Printing Supply
Sales Budget
For the Month Ended April
Total budgeted sales Requirement 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
Plus:
Total merchandise inventory required
Less:
Budgeted Purchases
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date: