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, nt of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity 5 18,000 76,000 32,500 243,000 $369,500 $ 00.250 13,200 180,000 96.050 5 369,500 The company is in the process of preparing a budget for May and has assembled the following data: a Sales are budgeted at $238,000 for May. Of these soles. $71.400 wal 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 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 $124.000 during May. These purchases will all be on account Forty percent of all purchases are paid for in the month of purchase the remaindet 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 or $24.000 d. Selling and administrative expenses for May are budgeted at $86,100, exclusive of depreciation These expenses will be paid in cash Depreciation is budgeted at $4,450 for the month e. The note payoble on the April 30 bolonce sheet will be paid during May, with $400 in interest (All of the interest relates to Moy) New refrigerating equipment costing $15.100 will be purchased for cash during May 9. During Moy the company will barrow $23,800 from its bonk 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 disburtements for merchandise purchases for May 3. Prepare a cash budget for May 4. Prepare a budgeted Income statement for May 5. Prepare a budgeted bolonce sheet as of May 31 Complete this question by entering your answers in the tabs below. Real and 2 Rego Reg4 Reg 5 1. Calculate the expected cash collections from customers for May 2. Calculate the expected cash disbursements for merchandise purchases for May. 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 Reg 3 Reg 4 Reg 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 Reg 3 > Req 1 and 2 Reg 3 Reg 4 Reg 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 interest Total financing Ending cash balance Req 1 and 2 Reg 3 Reg 4 Reg 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Req 1 and 2 Req3 Reg 4 Reg 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 abilities and stockholders equity