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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 Assets Cash $ 17,200 Accounts receivable 58,000 Inventory 48,250 Buildings and equipment, net of depreciation 204,000 Total assets $ 327,450 Liabilities and Stockholders' Equity Accounts payable $ 67,000 Note payable 16,200 Common stock 180,000 Retained earnings 64 250 Total liabilities and stockholders' equity $ 327 450 The company is in the process of preparing a budget for May and has assembled the following data: a Sales are budgeted at $253,000 for May of these sales, $75,900 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 , 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 30 accounts payable to suppliers will be paid during May c. The May 31 inventory balance is budgeted at $47,000 administrative eynenses for May are budgeted at $93.000, exclusive of depreciation. These The company is in the process of preparing a budget for May and has assembled the following data a Sales are budgeted at $253,000 for May. Of these sales S75,900 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 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 30 accounts payable to suppliers will be paid during May. c The May 31 inventory balance is budgeted at $47.000 d Selling 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 $300 in interest (All of the interest relates to May) f New refrigerating equipment costing $11.100 will be purchased for cash during May g. During May the company will borrow $25,400 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-a Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases Answer is complete but not entirely correct. 07- Minden Company Schedule of Expected Cash Collections Cash salesMay $ 75,900 Collections on account receivable April 30 balance 88,550 May sales 58,000 $ Total cash receipts 222.450 Answer is complete but not entirely correct. Minden Company Schedule of Expected Cash Disbursements April 30 accounts payable balance $ 56,000 $ May purchases 67.000 IS Total cash payments 123,000 1-b. Prepare a cash budget for May (Cash deficiency, repayments and interest should be indicated by a minus sign.) Answer is complete and correct. Minden Company Cash Budget For the Month of May Beginning cash balance Add collections from customers Total cash available Less cash disbursements $ 17,200 222,450 239.650 Answer is complete and correct. $ 17,200 222,450 239,650 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 123,000 93,000 11,100 227,100 12,550 25,400 (16,200) (300) 8,900 $ 21,450 2. Prepare a budgeted income statement for May using the absorption costing income statement format Answer is not complete. $ 253,000 Minden Company Budgeted Income Statement For the Month of May Sales Cost of goods sold Beginning inventory 48,250 Purchases 140,000 Ending inventory x 188,250 Selling and administrative expenses X 93,000 Gross margin Depreciation Net operating income Interest expense 95,250 157 750 2,850 154,900 300 $ 154,600