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. I'VE ASKED THIS QUESTION A FEW TIMES BUT ONLY GET PART ANSWERS. CAN YOU PLEASE HELP ME WITH REST OF PART 8? 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.
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. I'VE ASKED THIS QUESTION A FEW TIMES BUT ONLY GET PART ANSWERS. CAN YOU PLEASE HELP ME WITH REST OF PART 8? 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for
April
2024
and budgeted
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
$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.
|
I'VE ASKED THIS QUESTION A FEW TIMES BUT ONLY GET PART ANSWERS. CAN YOU PLEASE HELP ME WITH REST OF PART 8?
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
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.
|
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