Modern Company is a wholesale distributor of premian chocolates The company's balance et as of April 30 is given below Modems Compu Balance Sheet Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Note payable Accounts payable Common stock Retained earnings Total habilities and stockholders' equity April 30 $18,500 58,500 40,750 202,000 $319,750 $67,750 $15,000 180,000 56.200 $319,750 points The company is in the process of preparing a budget for May and has assembled the following data Sales are budgeted at $263,000 for May. Of these sales, $78,900 will be for cash, the remainder will be credit sales. One-half of a month's credit sales are collected in the moth 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 Purchases of investory are expected to total $193.000 during May These purchases will all be on account Forty percent of all purchases are paid for in the oooh of purcher, the remainder are paid in the following month. All of the April 30 accounts payable to supplies will be paid during May The May 31 inventory balance is budgeted at 563,000 Activate Windows Selling and administrative expenses for May are budgeted at 573.200, exclusive of depreciation. These expenses will be paid in cash Degecciation is budgeted at $4,650 the The note payable on the April 30 balance sheet will be paid during May, with $300 in interest (All of the interest relates to May) New refrigerating equipment costing $11.900 will be purchased for cash during May During May, the company will borrow $27,200 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year DELL Common stock Retained earnings liabilities and stockholders' equity 180,000 56,200 $319,758 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $263,000 for May. Of these sales, $78,900 will be for cash; the remainder will be credit sales. One half of a month's edit sales we collected in the mod 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 Purchases of inventory are expected to total $193,000 during May. These purchases will all be on account Forty percent of all purchases are paid for in the month of porches, the remainder are paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May The May 31 inventory balance is budgeted at $63,000. Selling and administrative expenses for May are budgeted at $73,200, exclusive of depreciation. These expenses will be paid in cash Deprecation is god at $4.650 the The note payable on the April 30 balance sheet will be paid during May, with $300 in interest (All of the interest relates to May) New refrigerating equipment costing $11,900 will be purchased for cash during May During May, the company will borrow $27,200 from its bank by giving a new note payable to the bank for that amount. The new note will be due in se year Required: (8 marks] Using the information provided, prepare the following 1. The budgeted expected cash collections from customers for May 12 marks] 2. The budgeted expected cash disbursements for merchandise purchases for May [1 marks] 3. The cash budgeted for May [5 marks] For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Maci EE A LI x b BQ B IUS Paragraph Arial 9 xx, 18 The 11 300 r F