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 Spoed $ 9.600 54,750 53, 750 214,000 32, 100 $ Recounts receivable Inventory buildings and equipment, net of depreciation Total assets Liabilities and Stockholders ty counts payable Note payable Coman stoek Retained earnings Total liabilities and stockholdersequity $ 10,500 18,100 180,000 63.500 $32.100 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $257,000 for thay. Of these sales, 577,100 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 $121.000 during May. These purchases will all be on account Forty percent 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 payable to suppliers will be paid during Movy The May 31 inwentory balance is budgeted at $1,000 d. Selling and administrative expenses for May are budgeted at $83,700, exclusive of depreciation. These expenses will be paid in Cash Depreciation is budgeted at $2.800 for the month The note payable on the Apr 30 balance sheet will be paid during Mary, with $340 in interest (All of the interest relates to May) New refrigerating equipment costing $13.100 will be purchased for cash during May During May, the company will borrow $22.000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year UCHUM , CUI CI puyu to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $31,000. d. Selling and administrative expenses for May are budgeted at $83,700, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,800 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $340 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $13,100 will be purchased for cash during May. g. During May, the company will borrow $22,000 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 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 21 Reg 3 Reg4 Reqs 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 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 Spoed $ 9.600 54,750 53, 750 214,000 32, 100 $ Recounts receivable Inventory buildings and equipment, net of depreciation Total assets Liabilities and Stockholders ty counts payable Note payable Coman stoek Retained earnings Total liabilities and stockholdersequity $ 10,500 18,100 180,000 63.500 $32.100 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $257,000 for thay. Of these sales, 577,100 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 $121.000 during May. These purchases will all be on account Forty percent 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 payable to suppliers will be paid during Movy The May 31 inwentory balance is budgeted at $1,000 d. Selling and administrative expenses for May are budgeted at $83,700, exclusive of depreciation. These expenses will be paid in Cash Depreciation is budgeted at $2.800 for the month The note payable on the Apr 30 balance sheet will be paid during Mary, with $340 in interest (All of the interest relates to May) New refrigerating equipment costing $13.100 will be purchased for cash during May During May, the company will borrow $22.000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year UCHUM , CUI CI puyu to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $31,000. d. Selling and administrative expenses for May are budgeted at $83,700, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,800 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $340 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $13,100 will be purchased for cash during May. g. During May, the company will borrow $22,000 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 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 21 Reg 3 Reg4 Reqs 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