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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Question

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:

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

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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