Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of Aprit 30 is given beiow The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $296,000 for May. Of these sales, $88,800 will be for cash, the remainder wil 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 recetvable will be collected in May. b. Purchases of inventory are expected to total $192.000 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 Aprit 30 accounts payable to suppliers will be paid during May. c. The May 31 irventory balance is budgeted at $51.500 d. Selling and administrative expenses for May are budgeted at $98,700, exclusive of depreciation These expenses will be paid in cash. Depreciation is budgeted at $2.150 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $220 in interest. (All of the interest relates to May) f. New refrigerating equipment costing $6,800 will be purchased for cash during May 9. During May. the company will borrow $23,200 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. 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. b. Purchases of inventory are expected to total $192,000 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 $51.500 d. Selling and administrative expenses for May ore budgeted at $98,700, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $2.150 for the month e. The note payable on the Aprit 30 balance sheet will be paid during May. with $220 in interest. (All of the interest relates to May) f New refrigerating equipment costing $6,800 will be purchased for cosh during May. 9 During May, the compary will borrow $23,200 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. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign-) The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $296,000 for May Or these sales, $88,800 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 Aprit 30 accounts recelvable will be collected in May. b. Purchases of inventory are expected to total $192.000 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 $51,500. d Selling and administrative expenses for May are budgeted at $98,700, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2.150 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $220 in interest. (All of the interest relates to May) f. New refrigerating equipment costing $6,800 will be purchased for cash during May: 9. During May, the compary will borrow $23,200 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. Caiculate 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. Prepare a budgeted income statement for May. a. Sales are budgeted ot $296,000 for May Or these sales, $88,800 will be for cash, the remainder will be credit sales One-haif of a month's credit sales are colfected in the month the sales are made, and the remainder is collected in the following month. All of the April 30 accounts recelvable will be collected in May. b Purchases of inventory are expected to total $192,000 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 supplies will be paid during May c. The May 31 inventory balance is budgeted at $51,500 d. Selling and administrative expenses for May are budgeted at $98,700, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $2.150 for the month e The note payoble on the Apri 30 balance sheet will be paid during May. with $220 in interest. (All of the interest relates to May) t. New refigerating equipment costing $6,800 will be purchased for cash during May. 9. During May, the company will borrow \$23,200 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. A. Prepare a budgeted income statement for May. 5. Prepare a budgeted balance sheet as of May 31. Complete this queation by entering vour answers in the tabs below. Prepare a budpeted balance sheet as of May 31