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$9,400

Accounts receivable78,500

Inventory44,000

Buildings and equipment, net of depreciation221,000

Total assets$352,900

Liabilities and Stockholders' Equity

Accounts payable$72,000

Note payable19,700

Common stock180,000

Retained earnings81,200

Total liabilities and stockholders' equity$352,900

The company is in the process of preparing a budget for May and has assembled the following data:

1. Sales are budgeted at $256,000 for May. Of these sales, $76,800 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.
2. Purchases of inventory are expected to total $188,000 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.
3. The May 31 inventory balance is budgeted at $83,000.
4. Selling and administrative expenses for May are budgeted at $91,500, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,000 for the month.
5. The note payable on the April 30 balance sheet will be paid during May, with $435 in interest. (All of the interest relates to May.)
6. New refrigerating equipment costing $7,000 will be purchased for cash during May.
7. During May, the company will borrow $23,100 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 for May.

2. Calculate the expected cash disbursements for merchandise purchases for May.

3. do cash budget for May.

4. do budgeted income statement for May.

5. do budgeted balance sheet as of May 31.

1.total cash collections?

Total cash disbursements?

2.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:

Borrowingnote____

Repaymentsnote____

interest____

total financing

Ending cash balance

3.do budgeted income statement for May.

4.do budgeted balance sheet as of May 31.