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P22-30B Greely Princing of Albany has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2009, and a budgetco statement of cash flows for April. As Greely's controller, you have assem. bled the following information: March 31 balance sheet information: Cash, $45,600; Accounts Receivable, $29,700; Inventory, $29,600; Equipment, $52,400; Accumulated Depreciation, $41,300; Accounts Payable, $17,300; Accrued Liabilities, $0; Owner's Equity, $98,700. Planned April operating activity information: a. Purchase inventory costing $46,800, paying $10,000 in cash and S36,800 on credit. b. Sales, $90,000, 70% of which is for cash. The remaining 30% is credit sales. c. Cost of goods sold, 60% of sales d. April depreciation expense, $900 e. Other April operating expenses, including income tax, total $13,200, 25% of which will be paid in cash and the remainder accrued at April 30. Ploed April cash information: a. Collect $43,200 from customers on account. b. Pay S35,700 to creditors and suppliers. c. Pay cash for equipment costing $42,800. Requirements 1. Use the accounting equation on page 11 to prepare a worksheet with columns for each asset, liability, and owner's equity item. Enter the March 31 balance sheet information in the first row. Record the information above into the worksheet. Calculate the April 30 bal- ances by adding the numbers in each column. 2. Prepare the cash budget for April. (pp. 1115-1117) 3. Prepare the budgeted balance sheet for Greely Printing at April 30, 2009. (p. 1117)

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