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. $9,000 54,000 30,000 207,000 $ 300,000 $ 63,000 14,500 180,000 42,500 $ 300,000 The company is in the process of preparing a budget for May and has assembled the following data. a. Sales are budgeted at $220,000 for May. Of these sales, $60,000 will be for cash; the remainder will be credit sales. Each month's credit sales are collected 60% in the month of sale and 40% in the month following the sale. All of the April 30 accounts receivable will be collected in May b. Purchases of inventory are expected to total $120,000 during May. These purchases will all be on account. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All of the April 30 accounts payable to suppliers will be paid during May c. The May 31 inventory balance is budgeted at $40,000. d. Selling and administrative expenses for May are budgeted at $72,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $100 in interest. (All of the interest relates to May.) < Prev 11 of 12 Next > Required: 1. Calculate the expected cash collections 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. Complete this question by entering your answers in the tabs below. Req 1 and 21 Required 3 Required 4 Required 5 1. Calculate the expected cash collections for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. Total cash collections $ 210,000 Total cash disbursements s 123,000 Req 1 and 2 Pequired 3 > Req 1 and 2 Required 3 Required 4 Required 5 Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Minden Company Cash Budget For the Month of May Beginning cash balance $ 9,000 Add collection from customers 231,500 Total cash available. 240,500 Less cash disbursements: Purchase of inventory (60,000) Selling and administrative expenses (72,000) Purchases of equipment (6,500) < Prev 11 of 12 Next > Complete this question by entering your answers in the tabs below. Req 1 and 2 Required 3 Required Required 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Sales $ Complete this question by entering your answers in the tabs below. Req 1 and 2 Required 3 Required 4 Required 5 Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Total assets Liabilities and Stockholders' Equity $ 0