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Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheef as of Apnis 30 is given below: The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $266,000 for May Or these sales, $79.800 wil be for cash, the renainder will be creait sales. Onehar of a month's credit sales are collected in the month the sales are made, and the remaincier is collected in the folowing month. Ali af the April 30 accounts receivable will be collected in May b. Purchases of inventory are expected to total $170.000 duning May. These purchasen will all be on account. Forty percent af al purchases are paid for in the month of purchase; the remainder are poid in the following month All of the April 30 accounts payabie to suppliers will be paid during May c. The May 31 inventory balance is budgeted at $44.500 d. Selling and administrative expenses for May are budgeted at $81,900, exclusive of depreciation. These expenses will be 0 aid in cash. Depreciation is budgeted at $6.450 for the month. e. The note poyable on the April 30 balance sheet will be paid duing Moy, with 5140 in interest. (All of the interest ielates to Moy. f. New refrigerating equipment costing $9.600 wir be purchased tor cash during May. 9. During May, the company will borrow $23.400 from its bank by giving a new note payable to the bank foe that anount The new note wal be due in one year. purchases are paid for in the month of purchase, the remainder are paid in the following month Alf of the Apre 30 accouns perabi to suppliers will be paid during May c. The May 31 inventory balance is budgeted at 544,500 d. Selling and administrative expenses for May are bustgeted at 581,900 , exclusive of depreciation Theie expenits wit be jed r. cash Depreciation is budgeted at $6.450 for the month e. The note payabie on the April 30 balance sheet will be paid during May. with 5140 in interest. All of the intereit relates ad Mery? 1. New refrigerating equipment costing $9.600 wil be purchased lor cash during May. 9. During May. the company will bortow $23,400 from its bank by giving a new note payabie to the bark for that amount. fhe new note will be due in one year Required: 1. Calculate the expected cash collections from customers for May 2. Caiculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May 4. Prepate a bualgeled income statement for May. 5. Prepare a budgeted balance sheet as of May 31. Complete this quustion by entering yeur answers in the tabs below. 1. Colculate the expected casti collectiona from customers for Hry. 2. Calcilete the expected cash distursemeots for merchandise purchases for May. Prepare a cash budget for May. (Cash deficiency, repayments and inte 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs belo Prepare a budgeted income statement for May. Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet as of May 31 . The compary k in the proceis af preparing a budget for May and has atsembied the foliawing data 1. Sairs aie taidgeted at $266,000 for May. Of these sales, 579.800 wit be for eash. the cemainder wat be credir sales. One-hat of a monts 6 cevat wies are colected in me month the sales are made, and the remainder is codected in the folowing month Ail of the Apsi 20 accosants receivabie will be colected in My whenthases are taid lor an the manth of parchare, the remainder are paid in the folowng menth. Ait of the Apoil 30 accounts payabie in suppeiters will be paid during May c. The May 74 minertary balance is butgeted at 544,500 casn Deprecamon is budgeted at $6.450 for the month - The note perabit on the hock 30 balance sheet wa be paid doung May, wht $140 in insereat (All of the intecest onatates to Mayd 0. Ouribg Mivite cempany will bonon 573,400 froms is bark by giving a neve note peyable to the bank for that amourt. The Dese nate witi te due in one yniat Aequied; 2 Catculas tin expecied cath debursementi for metichandoe purchases for My: 2. Prepair a cash pilpget toc May i. Aesare a thutgited vicome statenent for Muy 5 Piente a budpeind talance shest as of May a1. Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given beisw. The company is in the process of preparing a budget for May and has assembled the following dato: 4. Saies are budgeted at 5265,000 for May. Of these sales, $79,800 will be for cash, the remainder wil be credit sales One-haif of a monatis credin saies are collected in the month the sales are made. and the remainder is colected in the followiog monan. Ar of the Apru 30 accotints receivable will be collected in May: b. Purcharet of inventory are expected to total S170.000 duning May. These purchases wal all be on account Forty peccent of at purctuses are paid for in in toxpenth of purchase the remainder are paid in the fosowing month. Alt of the Avrit 30 accounte payabie to supplies wil be paid during May c. The May 31 inventoty balance is budgeted at 544.500 a. Seling and administative expenses for May are budgeted at 581.900. exclusive of deprecation. These evenaes wal be gaid io cach. Depteciaticin is budgeled af $6.450 for the monh e The note payable on the Aoril 30 balance stieet will be paid douring May. win $140 in interest ial of ine usterest elates to Mayy. 6. New refingerating equipedent costing 59600 we be purchased for cash during May