Question
Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given below: Minden Company Balance Sheet
Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given below:
Minden Company Balance Sheet April 30 | |||||||||||||||||
Assets | |||||||||||||||||
Cash | $ | 17,200 | |||||||||||||||
Accounts receivable | 58,000 | ||||||||||||||||
Inventory | 48,250 | ||||||||||||||||
Buildings and equipment, net of depreciation | 204,000 | ||||||||||||||||
Total assets | $ | 327,450 | |||||||||||||||
Liabilities and Stockholders Equity | |||||||||||||||||
Accounts payable | $ | 67,000 | |||||||||||||||
Note payable | 16,200 | ||||||||||||||||
Common stock | 180,000 | ||||||||||||||||
Retained earnings | 64,250 | ||||||||||||||||
Total liabilities and stockholders equity | $ | 327,450 | |||||||||||||||
|
Required: | |||||||||||||||||
1-a. | Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases.. | ||||||||||||||||
|
|
1-b. | Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) | ||||||||||||||||||||||||||||||||||||||
|
2. | Prepare a budgeted income statement for May using the absorption costing income statement format | ||||||||||||||||||||||||||||||||||||||||||||||
|
3. | Prepare a budgeted balance sheet as of May 31.
| ||||||||||||||||||||||||||||||||||||||||
PLEASE ANSWER IT FULLY AND I WILL GIVE YOU A GOOD RATING :) THANK YOU! |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started