Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders" Equity Accounts payable Minden Company Balance Sheet April 20 Note payable Common stock Retained earnings Total liabilities and stockholders' equity 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 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. $ 17.200 58,000 48.258 204.000 $ 327.450 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. 9. 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. Req 1 and 2 $ 67.000 16.200 130,000 64.250 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. Req 3 Complete this question by entering your answers in the tabs below. |Tolul cash collections| Total cash disbursements Read Rug 5 1. Calculate Lhie expected cash collections from customers fur May. 2. Calculate Uie expected cash dicbusenents for merchandise purdases for May. [ling 1 und 2 Roq 3 >

Minden Compony is a wholesole distributor of premium Europeon chocolotes. The compony's bolance sheer os of April 30 is given below: The compony is in the process of preporing o budget for Moy and hos ossembled the following dota: 0. Soles are budgeted ot $253,000 for Moy Of these sales, $75,900 will be for cosh, the remoindar will be credit soles, One-half of a month's credit soles ore collected in the month she soles are mode, ond the remoinder is collected in the foliowing month. Ali of th April 30 occounts receivoble will be collected in Moy. b. Purchoses of inventory ore expected to total $140,000 during May. These purchases will al be on account. Forty percent of all purchoses ore poid for in the month of purchose; the remsinder ate poid in the following month. All of the April 30 accounts poyab to suppliers will be poid during Moy. c. The Moy 31 inventory bolonce is budgeted ot $47,000. i Selling ond sdministrative expenses for Moy ore budgeted ot $93,000, exclusive of deprecistion. These expenses will be poid in cosh. Depreciation is budgeted at $2850 for the month. e. The note poyoble on the April 30 bolance sheet will be poid during Moy, with $300 in interest. (Ali of the intecest relates to May) f New refrigeroting equipment costing $11,100 will be purchosed for cosh during Moy. 9. During Moy, the company will borrow $25,400 from its benk by giving o new note poyable to the bank for that amount. The new note will be due in one year. Required: 1. Colculote the expected cosh collections from customers for Moy. 2 Colculote the expected cosh disbursements for merchondise purchases for Moy. 3. Prepore cosh budget for Moy. 4. Prepore e budgeted income stotement for Moy. 5. Prepore o budgeted bolonce sheet of of Moy 31 Compiele this question by entering your answers in the tabs below. 1. Coculate we expecied cash ontections from customers for May. 2. Celculate Wie sxpected conh disburnemente for merthandise purcha: for May. Prenare a cash hudnet for Mav (Cach dafirionrv renavment Prepare a budgeted income statement for May. Prenare a hudneted halanre sheet as of Mav 31