3. Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MINDEN COMPANY Cash Budget For the Month Ended May 31 Totalcavable Deduct Disbursements Total cash asbursements EWS of receipts vor distur Financing MINDEN COMPANY Balance Sheet April 30 Assets Cash $ 12,600 Accounts receivable, customers 58,500 Inventory 32.700 Buildings and equipment, net of depreciation 225,000 Total assets $328,800 Liabilities and Shareholders' Equity Accounts payable, suppliers $ 68,400 Note payable 16.300 Capital shares, no par 198,000 Retained earnings 46.100 Total liabilities and shareholders' equity $328,800 Totalang 2. Prepare a budgeted income statement for May MINDEN COMPANY Budgeted Income Statement For the Month Ended May 31 Cost of goods sold Goods available for se Cost of goods sold The company is in the process of preparing budget data for May. A.cumber of budget items have already been prepared, as follows: a. Sales are budgeted at $380,000 for May. Of these sales. $114,000 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 are collected in the following month. AU.of the April 30 receivables will be collected in May. b. Purchases of inventory are expected to total $228,000 during May. These purchases will all be on account. 30% 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 c. The May 31 inventory balance is budgeted at $76,000. d. Operating expenses for May are budgeted at S136,800, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,800 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $130 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $8,300 will be purchased for cash during May. 9. During May, the company will borrow $38,000 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. Prepare a cash budget for May. 3. Prepare a budgeted balance sheet as of May 31 MINDEN COMPANY Budgeted Balance Sheet as of May 31 Assets Total assets Liabilities and Shareholders' Equity