Fecers Maden Campany Balance Sheet Apr 30 Canh Accounts receivable $15.500 58500 mentory 40.750 Buildings and equipment, net of depreciation 2012.000 Total asses $515,750 Liabilities and Stockholders Equity Accounts payable $67,750 I Note payable $15.800 Common stock 180.000 Retained earnings 56,200 Total Abies and stockholders equity $319.750 Grading Aberal Information Last saved 2513PM The company is in the process of preparing a budget for May and has assembled the following data Sales are budgeted at $263,000 for May. Of these sales, $78.900 will be for castc the remainder will be credt 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 of the April 30 accounts receivable will be collected in May Purchases of inventory are expected to total $193,000 during May. These purchases will all be on account. Forty part of a purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April 30 accounts paya to suppliers will be paid during May The May 31 inventory balance is budgeted at $63,000 Selling and administrative expenses for May are budgeted at $73,200, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $4,650 for the month. The note payable on the April 30 balance sheet will be paid during May, with $300 in interest. (All of the interest relates to May) New refrigerating equipment costing $11,900 will be purchased for cash during May. During May, the company will borrow $27,200 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: Using the information provided, prepare the following: 1. The budgeted expected cash collections from customers for May. [2 marks] 2. The budgeted expected cash disbursements for merchandise purchases for May. [1 mark 3. The cash budgeted for May. [5 marks] Last saved 25 Previous Next Last Total liabilities and stockholders' equity $319,750 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $263,000 for May. Of these sales, $78,900 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. Purchases of inventory are expected to total $193,000 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. The May 31 inventory balance is budgeted at $63,000. Selling and administrative expenses for May are budgeted at $73,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,650 for the month. The note payable on the April 30 balance sheet will be paid during May, with $300 in interest. (All of the interest relates to May.) New refrigerating equipment costing $11,900 will be purchased for cash during May. During May, the company will borrow $27,200 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: Using the information provided, prepare the following: 1. The budgeted expected cash collections from customers for May. [2 marks] I 2. The budgeted expected cash disbursements for merchandise purchases for May. [1 mark] 3. The cash budgeted for May. [5 marks] 20FS QUESTIONS REMAINING Modem Company is a wholesale do butor of premium lurpean chocolates The smpany's ban het as of Apr blow Assets Modern Company Balance Sheet April 30 Cash $18,500 Accounts receivable 54300 I Inventory 40.750 Buildings and equipment, net of deprecation 202.000 Total assets $1750 Liabilities and Stockholders Equity Accounts payable $67,750 Note payable $15.800 Common stock 180.000 56,200 Retained earnings Time 130 Attempts attempti Assessment urity Respond LoDown Tre Grading Additional information Refresh the ment wpada April 30 Assets Cash Accounts receivable $18.500 58.500 Inventory 40,750 Buildings and equipment, net of depreciation 202,000 Total assets $319,750 Liabilities and Stockholders' Equity Accounts payable $67,750 $15,800 Note payable Common stock 180,000. Retained earnings 56,200 Respondus LockDown Bre Grading Maximum points Additional Information Refredy the aestment to ew update you submit an attempt Total liabilities and stockholders' equity $319,750 Last saved 33428 PM The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $263,000 for May. Of these sales, $78,900 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. Purchases of inventory are expected to total $193,000 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. The May 31 inventory balance is budgeted at $63.000. Selling and administrative expenses for May are budgeted at $73,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,650 for the month. dat The note payable on the April 30 balance sheet will be paid during May, with $300 in interest. (All of the interest relates to May) New refrigerating equipment costing $11,900 will be purchased for cash during May During May, the company will borrow $27,200 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: the following: Last saved 3:34:28 PM During May, the company will borrow $27,200 from its bank by giving a new note payable to the bank for that amount. The n note will be due in one year. Required: Using the information provided, prepare the following: 1. The budgeted expected cash collections from customers for May. [2 marks] 2. The budgeted expected cash disbursements for merchandise purchases for May. [1 mark] 3. The cash budgeted for May. [5 marks] I 1- budgeted cash collection for may