Mon Company is a wholesale dimbur of premism Empean chocolates. The place che a April Balance Sheet April 30 Caill Accounts receivable $1.500 14,300 40.750 Buildings and equipment, set of depreciation Total assets 202.000 $319,350 Liabilities and Stockholders Equity $67350 Accounts payable Note payable Comunen stock 315800 Retained esings 180,000 56,200 Total liabilities and stockholders' equity $319,750 The company is in the process of preparing a budget for May and has abled the following data Sales are budgeted at $263,000 for May Of these sales, $78,900 will be for cac the roader will be creta sales One-half of a mouk's cred sales remainder in collected in the following mouth. All of the April 30 accounts receivable will be collected in May collected is the nese made, and the Purchases of inventory are expected to total $193,000 during May These purchase will all be an accout Forty percent of all purchases e paid for in the month of purchase the mind are put the following mooth. All of the April 30 accounts payable to suppliers be paid dharing 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, Depreciation is bodgeted at $4,650 for the The note payable on the April 30 balance sheet will be paid during May, with 5300 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 Required: Using the information provided, prepare the following 1. The budgeted expected cash collections from customers for May (1 mark] 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(M) Mon Company is a wholesale dimbur of premism Empean chocolates. The place che a April Balance Sheet April 30 Caill Accounts receivable $1.500 14,300 40.750 Buildings and equipment, set of depreciation Total assets 202.000 $319,350 Liabilities and Stockholders Equity $67350 Accounts payable Note payable Comunen stock 315800 Retained esings 180,000 56,200 Total liabilities and stockholders' equity $319,750 The company is in the process of preparing a budget for May and has abled the following data Sales are budgeted at $263,000 for May Of these sales, $78,900 will be for cac the roader will be creta sales One-half of a mouk's cred sales remainder in collected in the following mouth. All of the April 30 accounts receivable will be collected in May collected is the nese made, and the Purchases of inventory are expected to total $193,000 during May These purchase will all be an accout Forty percent of all purchases e paid for in the month of purchase the mind are put the following mooth. All of the April 30 accounts payable to suppliers be paid dharing 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, Depreciation is bodgeted at $4,650 for the The note payable on the April 30 balance sheet will be paid during May, with 5300 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 Required: Using the information provided, prepare the following 1. The budgeted expected cash collections from customers for May (1 mark] 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(M)