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 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 15,100 74,750 51,750 233,000 $ 374,600 $ 74,000 11,500 180,000 109,100 $374,600 The company is in the process of preparing a budget for May and has assembled the following data: a. 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 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 $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. Selling and administrative expenses for May are budgeted at $81,300, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,750 for the month. 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) 1. New refrigerating equipment costing $10,800 will be purchased for cash during May. g. During May, 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 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. Req 1 and 2 Req 31 Req 4 Req 5 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 Beg + Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below Hindes Company April 30 Ast Cash 15.100 Accounts receivable 78,750 Investory 51,750 Buildings and equipment, net of depreciation 133,000 Total 374,400 H Liabilities and Stockholders' Equity Accounts payable Sote payable Common stock $74,000 11,500 100,000 Betained earnings PH Total liabilities and stockholders equity 109,108 374400 The company is in the process of preparing a budget for May and has assembled the following data & 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 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 $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. Selling and administrative expenses for May are budgeted at $81,300, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,750 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $585 in interest (Al of the interest relates to May) New refrigerating equipment costing $10,800 will be purchased for cash during May g. During May, the company will borrow $20.800 from es 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. Mc Grew Reg 5 Prepare a cash budget for May Cash deficiency, repayments and interest should be indicated by a minus sign) Minden Company Par the Month of May Beginning cash balance Add collections from custome Total cash available Purchase of inventory Belling and administrative expe Purchases of equipment Total cash disbursements Excess of cash avtable over debuen Francing Borrowing-nole Repayments-e Interest Total financing Ending cast balance Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Hinden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Betained earnings Total liabilities and stockholders' equity 15,100 74,750 51,750 233,000 374,600 $ 74,000 11,500 100,000 109,100 $374,600 The company is in the process of preparing a budget for May and has assembled the following data a. 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 o 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. Selling and administrative expenses for May are budgeted at $81,300, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,750 for the month. 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) 1. New refrigerating equipment costing $10,800 will be purchased for cash during May g. During May, 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 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. Req 1 and 2 Reg 3 Red 4 Req 5 Prepare a budgeted income statement for May Minden Company Budgeted Income Statement For the Month of May Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Hinden Company Balance Sheet April 30 Assets Cash Accounts receivable 15,100 74,750 Inventory Book 51,750 Buildings and equipment, not of depreciation 233,000 Total assets 374,400 Liabilities and Stockholders' Equity Accousta payable Note payable Common stock 74,000 11,500 Retained earning Pro Total liabilities and stockholders' equity 100,000 105,100 The company is in the process of preparing a budget for May and has assembled the following data a Sales are budgeted at $275,000 for May. Of these sales, $82.500 will be for caste 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 $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. Selling and administrative expenses for May are budgeted at $81.300, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,750 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $585 in interest Al of the interest relates to May t New refrigerating equipment costing $10.800 will be purchased for cash during May g. During May, 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 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. Req 1 and 2 Re Prepare a budgeted balance sheet as of May 31 Minden Company Budgeted Balance Sheet May 31 Assets Total Liabilities and Stockholders' Equity Total abits and slackholders auty