10 Remaining Time: 1 hour, 55 minutes, 33 seconds. Question Completion Status: Modern Company is a wholesale distributor of premium European chocolates. The company's ha den i Molem Company Balance She Assets Cash April 30 Accounts receivable $18,500 Inventory 54,500 Buildings and equipment, net of depreciation 40.750 Total assets 202.000 $319,750 Liabilities and Stockholders Equity Accounts payable 162370 $11.800 Note payable Common stock 190.000 36,200 Retained earnings 3319,750 Total liabilities and stockholders' equity des The company is in the process of preparing a budget for May and has abled the Me if paha p Sales are budgeted at $263,000 for May. Of these sales, $78.900 will be for cash, the mander wil beold Our hall are made, and the remainder is collected in the following moeth All of the April 30 acc Purchases of inventory are expected to total $193,000 during May These pechain will all te remainder are paid in the following month All of the Apel 30 accounts payable to opplems will be pul dang Mer The May 31 inventory balance is budgeted at $63,000 Selling and administrative expenses for May are budgeted at $73 200 excluse of deco Theres The note payable on the April 30 balance sheet will be paid during May, with $300 at Alli de Me New refrigerating equipment costing $11.900 wall be purchased for cash during Ma During May, the company will borrow $27.200 from its bank by ging a ses acte peable the ha father will de Sur, 55 minutes, 30 seconds Question Completion Status: 1 2 CRONICS ockers rapery Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $319,290 The company is in the process of preparing a budget for May and has led the wing Sales are budgeted at $263,000 for May Of these sales, $78,900 will be for celk, the mands will be are made, and the remainder is collected in the following month All of the Apel 30 avere v Purchases of inventory are expected to total $193,000 during May These pahams wil remainder are paid in the following month All of the April 30 accounts payable to supplm will The May 31 inventory balance is budgeted at $63,000 Selling and administrative expenses for May are budgeted at $73,200, exchaine of degaon The ope (A The note payable on the April 30 balance sheet will be paid during May, with $300 New refrigerating equipment costing $11.900 will be purchased for cash ding Me During May, the company will borrow $27,200 from its bank by giving a new ste prysble to the buket There Required: [8 marks] Using the information provided, prepare the following 1. The budgeted expected cash collections from customs for May (2nako) 2. The budgeted expected cash disbursements for merchandon purchases for May (1 mark] 3. The cash budgeted for May (5 marks] 10 A04 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10da BIV & Paragraph 16038 $15.300 180,000 5330 E-E-A-2 4x0Bahn- 10 Remaining Time: 1 hour, 55 minutes, 33 seconds. Question Completion Status: Modern Company is a wholesale distributor of premium European chocolates. The company's ha den i Molem Company Balance She Assets Cash April 30 Accounts receivable $18,500 Inventory 54,500 Buildings and equipment, net of depreciation 40.750 Total assets 202.000 $319,750 Liabilities and Stockholders Equity Accounts payable 162370 $11.800 Note payable Common stock 190.000 36,200 Retained earnings 3319,750 Total liabilities and stockholders' equity des The company is in the process of preparing a budget for May and has abled the Me if paha p Sales are budgeted at $263,000 for May. Of these sales, $78.900 will be for cash, the mander wil beold Our hall are made, and the remainder is collected in the following moeth All of the April 30 acc Purchases of inventory are expected to total $193,000 during May These pechain will all te remainder are paid in the following month All of the Apel 30 accounts payable to opplems will be pul dang Mer The May 31 inventory balance is budgeted at $63,000 Selling and administrative expenses for May are budgeted at $73 200 excluse of deco Theres The note payable on the April 30 balance sheet will be paid during May, with $300 at Alli de Me New refrigerating equipment costing $11.900 wall be purchased for cash during Ma During May, the company will borrow $27.200 from its bank by ging a ses acte peable the ha father will de Sur, 55 minutes, 30 seconds Question Completion Status: 1 2 CRONICS ockers rapery Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $319,290 The company is in the process of preparing a budget for May and has led the wing Sales are budgeted at $263,000 for May Of these sales, $78,900 will be for celk, the mands will be are made, and the remainder is collected in the following month All of the Apel 30 avere v Purchases of inventory are expected to total $193,000 during May These pahams wil remainder are paid in the following month All of the April 30 accounts payable to supplm will The May 31 inventory balance is budgeted at $63,000 Selling and administrative expenses for May are budgeted at $73,200, exchaine of degaon The ope (A The note payable on the April 30 balance sheet will be paid during May, with $300 New refrigerating equipment costing $11.900 will be purchased for cash ding Me During May, the company will borrow $27,200 from its bank by giving a new ste prysble to the buket There Required: [8 marks] Using the information provided, prepare the following 1. The budgeted expected cash collections from customs for May (2nako) 2. The budgeted expected cash disbursements for merchandon purchases for May (1 mark] 3. The cash budgeted for May (5 marks] 10 A04 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10da BIV & Paragraph 16038 $15.300 180,000 5330 E-E-A-2 4x0Bahn