4:27 PM Thu Nov 10 .. . a; 34% _, ezto.mheducation.com Question 4 - Chapter 08... Chapter 08 PreBuilt Problems 0 saved Help Save & Exit Submit Check my work 4 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 forthe month. 10 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.) points f. New refrigerating equipment costing $6,600 will be purchased for cash during May. 9. 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. eaook Required: 1. Calculate the expected cash collections from customers for May. if! 2. Calculate the expected cash disbursements for merchandise purchases for May. Print 3. Prepare a cash budget for May. 4. Prepare a budgeted income statement for May. E 5. Prepare a budgeted balance sheet as of May 31. References Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Req 5 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 ) ( Prev 4 of 5 ' Next ) 4:27 PM Thu Nov 10 . . . 84% AA ezto.mheducation.com + Home DCE Course Search Home DCE Course Search Link a bank x M Question 4 - Chapter 08... Chapter 08 Pre-Built Problems i Saved Help Save & Exit Submit Check my work 4 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. 10 4. Prepare a budgeted income statement for May. points 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. eBook Req 1 and 2 Req 3 Req 4 Req 5 Print Prepare a budgeted income statement for May. Minden Company References Budgeted Income Statement For the Month of May Mc Gra 4:27 PM Thu Nov 10 . . . 84% AA ezto.mheducation.com + Home DCE Course Search Home DCE Course Search Link a bank x M Question 4 - Chapter 08... Chapter 08 Pre-Built Problems i Saved Help Save & Exit Submit Check my work 4 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. 10 4. Prepare a budgeted income statement for May. points 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. eBook Req 1 and 2 Req 3 Req 4 Req 5 Print Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Minden Company References Cash Budget For the Month of May Beginning cash balance m customers Total cash available Less cash disbursements Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing Borrowing-note Repayments-note Interest Total financing Ending cash balance Mc 4:27 PM Thu Nov 10 . . . 83% AA ezto.mheducation.com + Home DCE Course Search Home DCE Course Search Link a bank x M Question 4 - Chapter 08... Chapter 08 Pre-Built Problems i Saved Help Save & Exit Submit Check my work 4 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. 10 4. Prepare a budgeted income statement for May. points 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. eBook Req 1 and 2 Req 3 Req 4 Req 5 Print Prepare a budgeted balance sheet as of May 31. Minden Company References Budgeted Balance Sheet May 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Mc 4:26 PM Thu Nov 10 ... '6 84% _, B ezto.mheducation.com C); '.' W F ('muu ' " i. " r. 1 '1 linl'. .' haul. Question4 - Chapter 08... Chapter 08 PreBuilt Problems 0 saved Help Save & Exit Submit Check my work Minden Company is a wholesale distributor of premium European chocolates The company's balance sheet as of April 30 is given below: 10 Minden Company Points Balance Sheet April 30 Assets Cash $ 16,500 A Accounts receivable 67,000 93\"" Inventory 32,000 Buildings and equipment, net of depreciation 249,000 if! Total assets $ 364,500 Print Liabilities and Stockholders' Equity Accounts payable $ 68,750 Note payable 20,500 E Common stock 180,000 \"Eferences Retained earnings 95,250 Total liabilities and stockholders' equity 553641500 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 ofa 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 forthe 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. 9. 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: %