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 as Assets cash $ 15,3oo Accounts receivable ?B,GBD Inventory 3?,75a Buildings and equipment, net of depreciation 232,@Bb Total assets $ 362,?59 Liabilities and stockholders' Equity Accounts payable $ 31,5oo Note payable 14,aeo common stock 1Bo,@oo Retained earnings 3?,25b Total liabilities and stockholders' equity $ 352.759 The company is in the process of preparing a budget for May and has asSembled the following data: a. Sales are budgeted at $294,000 for May. Of these sales. $83,200 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 $211,000 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 $??,000. d. Selling and administrative expenses for May are budgeted at $96,900, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5 000 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $360 in interest. {All of the interest relates to May.) I'. New refrigerating equipment costing $8, 800 will be purchased for cash during May. g. During May, the company will borrow $20, 900 from its bank by giving a new note payable to the bank for that amount. The new note will be clue in one year. Rerquired: 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbumements 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 answer: In the tab: below. Req 1 and 2 Req 3 Req 4 Red 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 Req3 > 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 38 Assets Cash $ 15, 808 Accounts receivable 78, 808 Inventory 37, 750 Buildings and equipment, net of depreciation 232, 808 Total assets $ 262, 758 Liabilities and Stockholders' Equity Accounts payable $ 81, 509 Note payable 14, 090 Common stock 180, 808 Retained earnings 87, 250 Total liabilities and stockholders' equity $ 362, 758 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $294,000 for May. Of these sales, $88,200 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 $211,000 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 $77,000. d. Selling and administrative expenses for May are budgeted at $96,900, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,000 for the month. 2. The note payable on the April 30 balance sheet will be paid during May. with $360 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $8,800 will be purchased for cash during May. g. During May, the company will borrow $20,900 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 3 Req 4 Req 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 Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: Borrowing-note Repayments-note Interes Total financing Ending cash balance 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 38 Assets Cash $ 15, @80 Accounts receivable 78, 808 Inventory 37, 760 Buildings and equipment, net of depreciation 232, 908 Total assets $ 262, 750 Liabilities and Stockholders' Equity Accounts payable $ 81, 509 Note payable 14, Q06 Common stock 180, 906 Retained earnings 87, 250 Total liabilities and stockholders' equity $ 262, 758 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $294,000 for May. Of these sales, $88,200 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 $211,000 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 $77,000. d. Selling and administrative expenses for May are budgeted at $96,900, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,000 for the month. . The note payable on the April 30 balance sheet will be paid during May, with $360 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $8,800 will be purchased for cash during May. g. During May, the company will borrow $20,900 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 3 Req 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: Minden Company Balance Sheet April 28 Assets cash $ 15, 808 Accounts receivable 78, @80 Inventory 37, 760 Buildings and equipment, net of depreciation 232, 808 Total assets $ 362, 758 Liabilities and Stockholders' Equity Accounts payable $ 81, 508 Note payable 14, @80 Common stock 1BB, Q08 Retained earnings 87, 250 Total liabilities and stockholders' equity $ 262, 758 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $294,000 for May. Of these sales, $88,200 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 $211,000 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 $77.000. d. Selling and administrative expenses for May are budgeted at $96,900, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,000 for the month. . The note payable on the April 30 balance sheet will be paid during May. with $360 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $8,800 will be purchased for cash during May. g. During May, the company will borrow $20,900 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: . 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 3 Req 4 Req 5 Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity