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Homepage - Centra... https://connect.mh.. MyLab Math | Pears. C Solved: Chapter 1 P. Sy domain fx)=2x^2-- Saved Help Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is giver below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total Habilities and stockholders' equity $ 9,500 56,5ee 53,250 234,000 $ 353,250 $ 79,000 20,000 180,000 74,250 $ 353,250 The company is in the process of preparing a budget for May and has assembled the following dotar a Sales are budgeted at $299,000 for May of these sales. $89700 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 5169.000 during May. These purchases will be on account Forty percent of a purchases are paid for in the month of purchase the remainder sted in the following month All of the A30 accounts payable to suppliers will be paid during May s Pray CAVA omheducation.com Question 3 - Final Connect on-Svel... Homepage - Centra https://connect.mh MyLab Math Pears. C Solved: Chapter 1 Sy domain 22 o Saved Help Save & ketained earnings Total liabilities and stockholders equity 20 $ 353,25e The company is in the process of preparing a budget for May and has assembled the following data: a Sales are budgeted at $299,000 for May, of these sales. $89,700 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 169,000 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 $42.000 d. Selling and administrative expenses for May are budgeted at $89,700, exclusive of depreciation. These expenses will be paid in e. The note payable on the April 30 balance sheet will be paid during May, with 5320 in interest. All of the interest relates to May) f New refrigerating equipment costing $7.200 will be purchased for cash during May 9. During May, the company will borrow $25.200 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. 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 4. Prepare a budgeted Income statement for May 5. Prepare a budgeted balance sheet as of May 31