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 $ 10,300 63.000 Accounts receivable Intory Bulld and equipment, met of depreciation Total sets Liabilities and Stockholders' Equity Accounts payable Notepay 5 50,00 100,000 Netained seines Total liabilities and stockholders equity $ 350.300 The comany is in the process of preparing a budget for May and has assembled the following dista: Sales are budgeted at $275,000 for May of the soles. 552 800 wibero con the remancer will be creates One-half of a moins credits are collected in the month the soes are mace, and the remainde colected in the following month All of the 30 counts receivable will be colected in May 5. Purchases of inventory wre expected to total 5147000 during May. These purchases w omen account forty percent of a purchases are for in the month of purchase the remande are paid in the Foowing mot Alone A c counts payable to Superbe pe O y The May inventory o nce is budgeted at $43.000 0. Sengendom e ensesto by se budget detection de ses w ealth Cash Depreciation budgeted at $3.200 To the month The note on the Age 30 ance sheet w be donna May with 5205 interest of the interest rates to May The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $276.000 for May. Of these sales. $82.800 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. b. Purchases of inventory are expected to total $147.000 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 $43.000, d. Selling and administrative expenses for May are budgeted at $97,500. exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3.200 for the month The nate payable on the April 30 balance sheet will be paid during May, with $235 in interest of the interest relates to May.) New refrigerating equipment costing S12100 will be purchased for cash during May 9. During May, the company will borrow $29.200 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 More 3. Prepare a cash budout for Mar 4. Prepare a budosted income statement for May. 5. Prepare a budete balance sheet as of May 31 Complete this question by entering your answers in the tabs below. Reg 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 > Reg 1 and 2 Req 1 and 2 Reg 3 Rea 3 Reg 4 Rega 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- Repayments-note Total financing Ending cash balance Req 1 and 2 Reg 3 Reg 4 Reg 5 No Prepare a budgeted income statement for May, points Minden Company Budgeted Income Statement For the Month of May eBook Print References Req 1 and 2 Reg 3 Req 4 Reg 5 . Prepare a budgeted balance sheet as of May 31. O / Minden Company Budgeted Balance Sheet May 31 Assets / Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders equity S Rega Minder Company Balance Sheet April 39 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' 20.ee 45.ee 232.00 350.300 23,00 180,00 The company is in the process of preparing a budget for May and assembled the following data 3. Sales are budgeted at $275,000 for May, or these sales. 582.800 will be for cash the remainder will be credit sales. One month's credit sales are collected in the month the sales are made and the remainder is collected in the following month. Alle April 30 accounts receivable we be collected in May b. Purchases of inventory are expected to tota $147000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase the remainderare paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May The May 31 inventory balonces budgeted at $43.000. d. Selling and administrative expenses for May are budgeted at $97500. exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $3200 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $235 in interest. All of the interest relates to May) New refrigerating equiment costing $12.100 will be purchased for cash during May 9 During May, the company will borrow $29 200 from its bank by giving a new note payable to the bank for that amount the new mote will be due in one year 22