below: Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given Minden Company Balance Sheet April 30 Assets Cash 0 0 0 '6 $ ped Accounts receivable 54 , 060 Inventory 30 , 000 Buildings and equipment, net of depreciation 207 , 000 Total assets $ 300, 000 Book Liabilities and Stockholders' Equity Accounts payable Hint $ 63, 000 Note payable 14, 500 rences Common stock 180 , 006 Retained earnings 42 , 500 Total liabilities and stockholders' equity $ 300, 060 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $200,000 for May. Of these sales, $60,000 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 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 $120,000 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 $40,000. d. Selling and administrative expenses for May are budgeted at $72,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $100 in interest. (All of the interest relates to May.) 7 of 7 aw Q Search INLUCIO (DELLto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%25BA%25259%252FIms.mheducation.com%252Fmghmiddleware%252Fm Maps F YouTube PioneerWeb - Univ... mypark Course Hero G Google E Feed | Linkedin C chegg Application Assignment i Saved cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $100 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $6,500 will be purchased for cash during May. g. During May, the company will borrow $20,000 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: ped 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. OK 4. Prepare a budgeted income statement for May. int 5. Prepare a budgeted balance sheet as of May 31. ences Complete this question by entering your answers in the tabs below. Req 1 and 2 Required 3 Required 4 Required 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 Required 3 > aw Q Search e (DELLSaved 7 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. 716 points Complete this question by entering your answers in the tabs below. Skipped Req 1 and 2 Required 3 Required 4 Required 5 eBook Prepare a budgeted income statement for May. Hint References Minden Company Budgeted Income Statement For the Month of May Mc Mc