Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30​, 2024. The March 31​, 2024​, balance sheet​ follows: As Tune Printing​ Supply's controller, you have assembled the following additional​ information: a. April dividends of $6,000 were declared and paid. b. April capital expenditures of $16,200 budgeted for cash purchase of equipment. c. April depreciation​ expense, $500. d. Cost of goods​ sold, 45​% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of $32,000​, 30​% 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 15​% of​ sales, all paid in April. h. April budgeted​ sales, $86,000​, 50​% collected in April and 50​% in May. i. April cash payments of March 31 liabilities incurred for March purchases of​ inventory, $8,100. j. April purchases of​ inventory, $12,300 for cash and $37,500 on account. Half the credit purchases will be paid in April and half in May. 3RD TIME I'VE ASKED THIS QUESTION BUT ONLY GET PART ANSWERS. CAN YOU PLEASE HELP ME WITH REST OF PART 8 AND PART 9? 1. Prepare the sales budget for April. 2. Prepare the​ inventory, purchases, and cost of goods sold budget for April. 3. Prepare the selling and administrative expense budget for April. 4. Prepare the schedule of cash receipts from customers for April. 5. Prepare the schedule of cash payments for selling and administrative expenses for April. 6. Prepare the cash budget for April. Assume the company does not use​ short-term financing to maintain a minimum cash balance. 7. Prepare the budgeted income statement for April. 8. Prepare the budgeted balance sheet at April 30​, 2024.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for

April
2024

and budgeted balance sheet at

April
30​,
2024.

The

March
31​,
2024​,

balance sheet​ follows:

As

Tune

Printing​ Supply's controller, you have assembled the following additional​ information:

 

a.
April
dividends of
$6,000
were declared and paid.
b.
April
capital expenditures of
$16,200
budgeted for cash purchase of equipment.
c.
April
depreciation​ expense,
$500.
d.
Cost of goods​ sold,
45​%
of sales.
e.
Desired ending inventory for
April
is
$22,800.
f.
April
selling and administrative expenses include salaries of
$32,000​,
30​%
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
15​%
of​ sales, all paid in
April.
h.
April
budgeted​ sales,
$86,000​,
50​%
collected in
April
and
50​%
in
May.
i.
April
cash payments of
March
31
liabilities incurred for
March
purchases of​ inventory,
$8,100.
j.
April
purchases of​ inventory,
$12,300
for cash and
$37,500
on account. Half the credit purchases will be paid in
April
and half in
May.

3RD TIME I'VE ASKED THIS QUESTION BUT ONLY GET PART ANSWERS. CAN YOU PLEASE HELP ME WITH REST OF PART 8 AND PART 9?

1.
Prepare the sales budget for
April.
2.
Prepare the​ inventory, purchases, and cost of goods sold budget for
April.
3.
Prepare the selling and administrative expense budget for
April.
4.
Prepare the schedule of cash receipts from customers for
April.
5.
Prepare the schedule of cash payments for selling and administrative expenses for
April.
6.
Prepare the cash budget for
April.
Assume the company does not use​ short-term financing to maintain a minimum cash balance.
7.
Prepare the budgeted income statement for
April.
8.
Prepare the budgeted balance sheet at
April
30​,
2024.
Tune Printing Supply
Budgeted Balance Sheet
April 30, 2024
Assets
Current Assets:
Cash
$
24,350
Accounts Receivable
43,000
Merchandise Inventory
22,800
Total Current Assets
$
90,150
Property, Plant, and Equipment:
Equipment and Fixtures
97,100
Less: Accumulated Depreciation
(12,600)
84,500
$
174,650
Total Assets
Liabilities
Current Liabilities:
Accounts Payable
18,600
Salaries Payable
22,400
Total Liabilities
41,000
Stockholders' Equity
Common Stock
40,000
Retained Earnings
93,500
Total Stockholders' Equity
133,500
174,500
Total Liabilities and Stockholders' Equity
Transcribed Image Text:Tune Printing Supply Budgeted Balance Sheet April 30, 2024 Assets Current Assets: Cash $ 24,350 Accounts Receivable 43,000 Merchandise Inventory 22,800 Total Current Assets $ 90,150 Property, Plant, and Equipment: Equipment and Fixtures 97,100 Less: Accumulated Depreciation (12,600) 84,500 $ 174,650 Total Assets Liabilities Current Liabilities: Accounts Payable 18,600 Salaries Payable 22,400 Total Liabilities 41,000 Stockholders' Equity Common Stock 40,000 Retained Earnings 93,500 Total Stockholders' Equity 133,500 174,500 Total Liabilities and Stockholders' Equity
Assets
Current Assets:
Cash
51,000
Accounts Receivable
14,200
11,700
Merchandise Inventory
Total Current Assets
$
76,900
Property, Plant, and Equipment:
Equipment and Fixtures
90
(12,100)
68,800
Less: Accumulated Depreciation
$
145,700
Total Assets
Liabilities
Current Liabilities:
Accounts Payable
$
8,100
Stockholders' Equity
Common Stock, no par
$
40,000
Retained Earnings
97,600
Total Stockholders' Equity
137,600
$
145,700
Total Liabilities and Stockholders' Equity
Transcribed Image Text:Assets Current Assets: Cash 51,000 Accounts Receivable 14,200 11,700 Merchandise Inventory Total Current Assets $ 76,900 Property, Plant, and Equipment: Equipment and Fixtures 90 (12,100) 68,800 Less: Accumulated Depreciation $ 145,700 Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,100 Stockholders' Equity Common Stock, no par $ 40,000 Retained Earnings 97,600 Total Stockholders' Equity 137,600 $ 145,700 Total Liabilities and Stockholders' Equity
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