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 Lrwentory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total Habilities and stockholders equity $ 15,100 74,750 51,750 233,000 $ 374,600 5 74,000 11,500 180,000 109, 100 5 374,600 ces The company is in the process of preparing a budget for May and hos ossembled the following data: a Soles are budgeted at $275,000 for May of these soles, $82,500 will be for cash the remainder will be credit sales One hoitora month's credit sales are collected in the month the sales are mode, 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 The May 31 inventory balance is budgeted at $87,000 d. Selling and administrative expenses for Moy are budgeted at $81.300 exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2750 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.) New refrigerating equipment costing $10,800 will be purchased for cash during May g Duning 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 4 cash Depreciation is budgeted at $2750 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 intere f. New refrigerating equipment costing $10,800 will be purchased for cash during May. 9. During May, the company will borrow $20,800 from its bank by giving a new note payable to the bank for that 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. eBook Hint Complete this question by entering your answers in the tabs below. Print Reg 1 and 2 Reg 3 Req 4 Reg 5 References 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 Rea and 2 Req3 > 4 Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 6 points Reg 4 Req5 Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus eBook Hint Print References 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 Interest Total financing Ending cash balance Mc 4 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. 6 points Req 1 and 2 Req3 Reg 4 Reg 5 eBook Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Hint Print References 4 5. Prepare a budgeted balance sheet as of May 31, Complete this question by entering your answers in the tabs below. 6 points Reg 1 and 2 Req 3 Reg 4 Reg 5 eBook Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet Hint May 31 Assets Print References Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders equity 4 Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 6 points Reg 4 Req5 Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus eBook Hint Print References 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 Interest Total financing Ending cash balance Mc 4 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. 6 points Req 1 and 2 Req3 Reg 4 Reg 5 eBook Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Hint Print References 4 5. Prepare a budgeted balance sheet as of May 31, Complete this question by entering your answers in the tabs below. 6 points Reg 1 and 2 Req 3 Reg 4 Reg 5 eBook Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet Hint May 31 Assets Print References Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders equity