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Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 16,500 67,000 32,000 249,000 $ 364,500 $ 68,750 20,500 180,000 95,250 $364,500 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $241,000 for May. Of these sales, $72,300 will be for cash: the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $191,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase the remainder are paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $86,000 d. Selling and administrative expenses for May are budgeted at $76,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,300 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $170 in interest. (All of the interest relates to May) f. New refrigerating equipment costing $6,600 will be purchased for cash during May, g. During May, the company will borrow $27.000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required: 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted income statement for May. 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Req 5 es 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. Total cash collections Total cash disbursements Req3 > Req 1 and 2 Req3 Req 4 Req5 Prepare a cash budget for May. (Cash deficiency, repayments an Minden Company Cash Budget For the Month of May Beginning cash balance Add collections from customers k Total cash available 0 nt 0 Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash availatie over disbursements Financing: Borrowing-note Repayments-note Interest Total financing Ending cash balance 0 rences 0 $ 0 Req 1 and 2 Req 3 Reg 4 Req 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income o $ 0 Req 1 and 2 Req 3 Reg 4 Req 5 Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation es Total assets $ 0 Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earings Total liabilities and stockholders' equity $ Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter $ 220,000 $ 288,000 2nd Quarter $ 370,000 $ 258,000 3rd Quarter $ 250,000 $ 248,000 4th Quarter $ 270,000 $ 268,000 The company's beginning cash balance for the upcoming fiscal year will be $28,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year (Repayments and interest should be indicated by a minus sign.) Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year 0 0 0 0 0 0 0 0 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing Ending cash balance 0 0 0 0 0 $ 0 $ 0 $ $ Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: April May June Total Budgeted wales (all on account) $ 500,000 $ 700,000 $ 240,000 $ 1,440,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales March sales April sales May sales June sales Total cash collections naud Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30