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Assets Cash Accounts receivable Inventory Buildings and equipment, net Total assets Liabilities and Stockholders' Accounts payable Note payable Comon stock Retained earnings Minden Coapany Balance Sheet April se S 16,7ee 258,eee S 86,7se leg,7 e of depreciation Equity Total liabilities and stockholders' equity 37, eee 387, zee Is , 7ee 387, zee The company Is In the process of preparing a budget for May and has assembled the followlng data: d. Sales are budgeted at $240,000 for May Of these sales. $72,000 wlll be for cash: the remalnder wlll be credit sales. One-half of a month's credlt sales are collected In the month the sales are made, and the remalnder Is collected In the followlng month. All of the April 30 accounts recelveble wlll be collected In May. b. Purchases of Inventory are expected to total $118,000 durlng May. These purchases wlll all be on account. Forty percent of all purchases are pald for In the month of purchase, the remainder are pold In the followlng month. All of the Aprll 30 accounts payable to suppliers wlll be paid durlng May The May 31 Inventory balance Is budgeted at $31,500 d. Selllng and admlnlstratlve expenses for May are budgeted at $93,500, excluslve of deprecldtlon_ These expenses wlll be paid In cash Depreclatlon Is budgeted at S2.400 for the month. e. The note payable on the Aprll 30 balance sheet will be pald durlng May, wlth $160 In Interest (All ofthe Interest relates to May) t New refrlgeratlng equlpment costlng $15,000 wlll be purchased for cash durlng May. . Durlng May. the company wlll borrow $26,600 from Its bank by glvlng a new note payable to the bank for that amount. The new note wlll be due In one year. Requlred: 1. Calculate the expected cash collectlons from customers for May. 2 Calculate the expected cash dlsbursements for merchandlse 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. Complete this question bv entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Req 5 I. 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