Check my work B Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet [LO8-2, L08-4. LO8-8, LO8-9, LOS 10] Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below Minden Company Balance sheet April 30 st Cash 17,200 Account Table 58.000 Inventory 49,250 Duildings and equipment, bot of depreciation 200 000 Total ante 3327.50 Liabilities and stockholders' Equity Recounts payable 67.000 Note payable 16,200 Con stock 180.000 Detained earning 6.250 Total taste and stockholders equity The company is in the process of preparing a budget for Muy and has assembled the following data 3. Sales are budgeted at $253,000 for Mayor those sales. $75.900 will be for cash the comander will be credit sales. One ballota 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 Apr 30 accounts receivable will be collected in May Ster 8 Graded Homework Saved Help Save & Exit Sub Check my work 3 180.000 64,250 Note payable 16,200 Common stock Retained sarnings total liability and stockholdere equity 327,450 The company is in the process of preparing a budget for May and has assembled the following data: th. Sales are budgeted at $253,000 for Moy. Of these sales. $75,900 will be for cashthe 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 $140,000 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 10 accounts payable c. The May 31 inventory balance is budgeted at $47.000, d. Seiling and administrative expenses for May are budgeted at $93,000, exclusive of depreciation. These expenses will be paid in Cash Depreciation is budgeted at $2,850 for the month e. The note payable on the April 30 balance sheet will be paid during May, with 3300 in interest (All of the interest relates to May.) Now refrigerating equipment costing $11,100 will be purchased for cash during May 9. During May, the company will borrow $25,400 from its bank by giving a new note payable to the bank for that amount The now 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 Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Reg 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 Req 3 > Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a Minden Company Cash Budget For the Month of May Beginning cash balance Add collections from 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 Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Reg 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity
