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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: ed Minden Company Balance Sheet April 20 Assets Cash Accounts receivable vetor Buildings and equipment, not of depreciation total assets Liabilities and Stockholders' Equity Accounts payable Hote payable Coron stock Retained carings total liabilities and stockholders' equity 15,100 74,750 51,750 22.000 5374,600 3 11,500 120,000 103.100 $174.600 The company is in the process of preparing a budget for May and hos ossembled the following data: ences Sales are budgeted at $275,000 for May. Of these sales, $82,500 will be for cash: the remainder will be credit sales. One-half of 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 $214,000 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 $87.000 d. Seling and administrative expenses for May are budgeted at $81,300, 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 $585 in interest (All of the interest relates to May New refrigerating equipment costing $10,800 will be purchased for cash during May 9. During Mey, the company will borrow $20,800 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 collected 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 Reg4 RS Prepare a cash budget for May. (Cash deficiency, repayments and interest hould be indicated by a minus sign) Minden company Cash Budget For the Month of May lleginning och balance Addons from customers Tulas Les disture Selling and admin Minden Company is a wholesale distributor of premium European chocoloses. The company's balance sheet as of April 30 is given below Mind Company Balance Sheet il 10 Assets Cash Accounts receivable Inventory ildings and enteet of depreciation 15.100 78,7 53,75 14.00 Liabilities and Stockholders' quity Acts payable wable Cock tiene 3 14.00 11. 10.000 102 10 $ 374,600 Total abilities and colder ty The company is in the process of preparing a booget for May and has assembled the following dete: Sales are budgeted at $275,000 for May. Of these sales, $82,500 will be for cash the remainder will be credit sales. One halte month's credit sales are collected in the month the sales are made and the remainder is collected in the following month of April 30 accounts receivable will be collected in Mey b. Purchases of inventory are expected to total $24,000 during Moy. These purchases will all be on account. Forty percent of a purchases are paid for in the month of purchase the remainder ore paid in the following month. All of the April 30 accounts payable to suppliers will be paid during Moy The May 31 inventory balance is budgeted 1 587000 a Seling and administrative expenses for Mayore budgeted 81300, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2.750 for the month The note payable on the April 30 balance sheet will be paid during May, with $585 in interest (All of the interest rates to Mey) New refrigerating equipment costing $10 800 will be purchased for cash during May During May, the company will borrow $20.000 from bank by giving a new note payable to the bank for at mount. The new note will be due in one year Required: 1 Ciculate 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 Moy. 5. Prepare a bodgeted belonce sheetos of May 31 Complete this question by entering your answers in the tabu below wid R3 Ca exped cash coin customers for Me Co the expected cash disburmeshardise for May Tools Rag 3 > CC 202 - Mark S C... Interviews PSE Profile Picture 9 Top low Rinden Company Balance sheet Aril Assets 10,100 74,750 51.750 114,00 Accounts walo Innoy Buildings and entre of depreciatim Total stats Latiti noders Equity Accounts pay Hot able Como Ruta neden total tilities and stockholders' equity 1 74.00 11.100 180.00 1.100 372,600 The company is in the process of preparing a budget for Mey and has assembled the following dete: Sales are budgeted at $275,000 for May. Of these soles, 582.500 will be for cash the remainder will be credit sales. One-half of a month's credit sales are collected in the month the soles are made, and the remainder is collected in the following month. All of the April 30 accounts receivable will be collected in May. Pinchoses of inventory are expected to total $24,000 during May. These purchase 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 to supplier will be paid during May The May 31 inventory balance is budgeted at $27.000 d. Selling and administrative expenses for Mey are budgeted at $81300, exclusive of depreciation. These expenses will be paid in Cash Depreciation is budged as $2.750 for the month. The note payable on the April 20 balance sheet will be paid during May, with 5565 in interest (All of the interest relates to May New refrigerating equipment coating $10.000 will be purchased for coth during May During May, the company wil borrow $20,800 from a bank by giving a new note payable to the benk for the amount. The new Required: 1. Calculate the expected cash collections from customers for May 2. Calculate the expected cash disbursement for merchandise purchases for May Prepare cash budget for May 4. Prepare a budgeted income statement for May 5. Prepare a budgeted belance sheetos of Me Complete this question by entering your answers in the tabs below Preglemento ay Cs below: in Copy Balance Sheet April 3 Accounts Inventory Guling and out of depot total Lilities and stockholders quity Accounts payable Note payable medan Totalities and stockholders 5 94. 11. 100.000 The company is in the process of preparing a budget for May and has assembled the following det Sales are budgeted at $275.000 for May of these soles, 562,500 will be for cash the remainder will be credit sales. One half of month's creditories are collected in the month the sales are made, and the remainder is collected in the following month. All of the b. Purchases of inventory are expected to total $24,000 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 $67.000 Selling and ministrative expenses for Mayore budgeted at $8L300, exclusive of depreciation. These expenses will be paid in Cash Depreciation is budgeted at $2,750 for the months The nate payable on the April 30 balance sheet will be paid ouring May, with $585 in interest (All of the interest races to May New refrigerating equipment costing $10.800 will be purchased for cashouring May During May, the company wil borrow $20.000 from a bank by giving a new note payable to the bank for the 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 o cash budget for May 4. Prepare a budgeted income statement for May 5. Prepare a budgeted balance sheets of May 31 Complete this question by entering your answers in the table He and a Prabudget shestas 31 May 11 Assets Les and locar