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Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: The company is in

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Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: The company is in the process of preparing a budget for May and assembled the following data: a. Sales ore budgeted at $255,000 for May Of these sales, $76,500 will be for cosh; the remainder will be credit sales. One-half of month's credit sales are collected in the month the soles are made, and the remainder are collected in the following month. All of the April 30 occounts recelvable will be collected in May. b. Purchases of inventory are expected to total $189,000 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 occounts payoble to suppliers will be paid during May c. The May 31 inventory bolance is budgeted ot $77,500 d. Selling and administrative expenses for May are budgeted at $93,600, exclusive of depreciation. These expenses will be pald in cash. Depreciation is budgeted at $6,250 for the month. e. The note poyable on the April 30 balance sheet will be poid during Moy, with $370 in interest (All of the interest relates to May) f New refrigeroting equipment costing $8,600 wil be purchased for cosh during May 9. During May, the company will borrow $29,500 from its bank by giving a new note payoble to the bank for that amount. The new note will be due in one veor Required: For May: 1. Calculate the expected cash collections from customers. 2. Calculate the expected cash disbursements for merchandise purchases. 3. Prepare a cash budget. 4. Prepare a budgeted income statement. 5. Prepare an end-of-month budgeted balance sheet. 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. Prepare a cash budget for May. Note: Cash deficiency, repayments and interest should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Prepare a budgeted income statement for May. Prepare an end-of-month budgeted balance sheet as of May 31

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