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

The company is in the process of preparing a budget for May and has assembled the following data:

Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: 30 points Minden Company Balance Sheet April 30 AssetS Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets $ 9,200 76,250 49,750 228,000 eBook $363,200 Print Liabilities and Stockholders Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 63,750 23,900 180,000 95,550 $363,200 References The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $227,000 for May. Of these sales, $68,100 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 $159,000 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 $87,500. d. Selling and administrative expenses for May are budgeted at $79,500, exclusive of depreciation. These expenses e. The note payable on the April 30 balance sheet will be paid during May, with $105 in interest. (All of the interest f. New refrigerating equipment costing $11,800 will be purchased for cash during May. will be paid in cash. Depreciation is budgeted at $6,000 for the month. relates to May.) g. During May, the company will borrow $25,100 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 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 Req 3 Req 4 Req 5 1. Calculate the expected cash collections for May 2. Calculate the expected cash disbursements for merchandise purchases for May Total cash collections Total cash disbursements The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $227,000 for May. Of these sales, $68,100 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 $159,000 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 will be paid in cash. Depreciation is budgeted at $6,000 for the month. relates to May.) c. The May 31 inventory balance is budgeted at $87,500. d. Selling and administrative expenses for May are budgeted at $79,500, exclusive of depreciation. These expenses e. The note payable on the April 30 balance sheet will be paid during May, with $105 in interest. (All of the interest f. New refrigerating equipment costing $11,800 will be purchased for cash during May g. During May, the company will borrow $25,100 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 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 Req 4 Req 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 Ma Beginning cash balance Add collection 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 Req 4 > 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, net of depreciation Total assets $ 9,200 76,250 49,750 228,000 $363,200 Liabilities and Stockholders' Equit;y Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 63,750 23,900 180,000 95,550 $363,200 The company is in the process of preparing a budget for May and has assembled the following data a. Sales are budgeted at $227,000 for May. Of these sales, $68,100 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 $159,000 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 $87,500 d. Selling and administrative expenses for May are budgeted at $79,500, exclusive of depreciation. These expenses e. The note payable on the April 30 balance sheet will be paid during May, with $105 in interest. (All of the interest f. New refrigerating equipment costing $11,800 will be purchased for cash during May will be paid in cash. Depreciation is budgeted at $6,000 for the month. relates to May.) g. During May, the company will borrow $25,100 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 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 Req 3 Req 4 Req 5 Prepare a budgeted income statement for May. 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, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 9,200 76,250 49,750 228,000 $363,200 $ 63,750 23,900 180,000 95,550 $363,200 The company is in the process of preparing a budget for May and has assembled the following data a. Sales are budgeted at $227,000 for May. Of these sales, $68,100 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 $159,000 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 will be paid in cash. Depreciation is budgeted at $6,000 for the month. relates to May.) c. The May 31 inventory balance is budgeted at $87,500. d. Selling and administrative expenses for May are budgeted at $79,500, exclusive of depreciation. These expenses e. The note payable on the April 30 balance sheet will be paid during May, with $105 in interest. (All of the interest f. New refrigerating equipment costing $11,800 will be purchased for cash during May. g. During May, the company will borrow $25,100 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 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 Req 3Req 4Req 5 Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31