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5 Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below Minden Company Bali

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5 Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below Minden Company Bali Sho April 30 Assets Cash 15.000 Accounts receivable 78.000 Inventory 37.750 Buildings and equipment, net of depreciation 232,000 Total assets 302.750 Liabilities and Stockholders' Equity Accounts payable 81,500 Note payable 14.000 Common stock 180.000 Retained earnings 87 250 Total liabilities and stockholders' equity $ 302.750 $ The company is in the process of preparing a budget for May and has assembled the following data: a Sales are budgeted at $294.000 for May of these sales, 538 200 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 5211 000 duning 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 Apni 30 accounts payable to suppliers will be paid during May The May 31 inventory balance is budgeted at $77.000 a Seling and administrative expenses for May are budgeted at $96 900 exclusive of depreciation These expenses vall be paid in cash Depreciation is budgeted at $5,000 for the month e: The note payable on the April 30 balance sheet wil be paid during May with $360 in interest. (All of the interest relates to May) 1 New.refrigerating equipment costing 58.800 will be purchased for cash dung May 9 During May the company will borrow $20,900 from its bark 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 day 4. Prepare a budgeled income statement for May 5 Prepare a budgeled balance sheet as of May 31

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