Printer Office Supply's March 31, 2018 balance sheet follows:Requirement 1. Prepare Printer's sales budget for April and May 2018. Round all calculations to the nearest dollar Requirement 2. Prepare Printer's inventory, purchases , and cost of goods sold budget for April and May Requirement 3. Prepare Printer's selling and administrative expense budget for April and May More Info- XSales in April are expected to be $40,000. Printer forecasts that monthly sales will increase 2%over April sales in May. June's sales will increase by 4% over April sales. July sales willincrease 20% over April sales.Printer maintains inventory of $8,000 plus 25% of the cost of goods sold budgeted for thefollowing month. Cost of goods sold equal 50% of sales revenue.Monthly salaries amount to $9,000. Sales commissions equal 5% of sales for that month.d.a.b.C.Other monthly expenses are as follows:•Rent: $2,600Depreciation: $700• Insurance: $300• Income tax $2,000PrintDone i Data TablePrinter Office SupplyBalance SheetMarch 31, 2018AssetsCurrent Assets:Cash26,000Accounts Reoeivable19,000Merchandise Inventory13,0001,700Prepaid InsuranceTotal Current Assets59,700Property, Plant, and Equipment:Equipment and Fixtures35,000(28,000)7,000Less: Accumulated Depreciation66,700Total AssetsLiabilitiesCurrent Liabilities:Accounts Payable%2413,0004.125Salaries and Commissions PayableTotal Liabilities17,125Stockholders' EquityCommon Stock, no par16,00033,575Retained Earnings49,575Total Stockholders' Equity66,700Total Liabilities and Stockholders' EquityPrintDone

Answer - Part 1 - Sales Budget Particulars Apr May June Total Budgeted Sales…

Answered: Sales in April are expected to be…

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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Printer Office Supply's March 31, 2018 balance sheet follows: Requirement 1. Prepare Printer's sales budget for April and May 2018. Round all calculations to the nearest dollar Requirement 2. Prepare Printer's inventory, purchases , and cost of goods sold budget for April and May Requirement 3. Prepare Printer's selling and administrative expense budget for April and May

More Info
- X
Sales in April are expected to be $40,000. Printer 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.
Printer maintains inventory of $8,000 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 $9,000. Sales commissions equal 5% of sales for that month.
d.
a.
b.
C.
Other monthly expenses are as follows:
•Rent: $2,600
Depreciation: $700
• Insurance: $300
• Income tax $2,000
Print
Done

i Data Table
Printer Office Supply
Balance Sheet
March 31, 2018
Assets
Current Assets:
Cash
26,000
Accounts Reoeivable
19,000
Merchandise Inventory
13,000
1,700
Prepaid Insurance
Total Current Assets
59,700
Property, Plant, and Equipment:
Equipment and Fixtures
35,000
(28,000)
7,000
Less: Accumulated Depreciation
66,700
Total Assets
Liabilities
Current Liabilities:
Accounts Payable
%24
13,000
4.125
Salaries and Commissions Payable
Total Liabilities
17,125
Stockholders' Equity
Common Stock, no par
16,000
33,575
Retained Earnings
49,575
Total Stockholders' Equity
66,700
Total Liabilities and Stockholders' Equity
Print
Done

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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