Using the browser's print will lead to an undesirable print-out. Use the Print item from the "Question Help" menu to get a better print-out. Paperclip Office Supply Balance Sheet March 31, 2024 Assets Current Assets: Cash $ 28,000 Accounts Receivable 32,000 Merchandise Inventory 24,500 Prepaid Insurance 1,700 Total Current Assets $ 86,200 Property, Plant, and Equipment: Equipment and Fixtures 52,000 Less: Accumulated Depreciation (10,000) 42,000 128,200 Total Assets Liabilities Current Liabilities: Accounts Payable 20,000 Salaries and Commissions Payable 4,200 Total Liabilities $ 24,200 Stockholders' Equity Common Stock, no par 14,000 90,000 Retained Earnings 104,000 Total Stockholders' Equity 128,200 Total Liabilities and Stockholders' EquityMore Info Sales in April are expected to be $100,000. Paperclip forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over April sales. July sales will increase 20% over April sales. Paperclip maintains inventory of $12,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $10,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: ' Rent: $3,400 Depreciation: $300 - Insurance: $200 Income tax: $1,600 -@ Requirement 2. Prepare Paperclip's inventory. purchases, and cost of goods sold budget for April and May. I May S S Plus E Q Total merchandise inventory required |:| |:| Budgeted Purchases