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2 Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: eBook Mindes Company Balance Sheet April 30 Assets Cash Accounts receivable Buildings and equipment, net of depreciation Total asset Liabilities and Stockholders' Equity Recounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity 9.200 76,250 49.750 220,000 $363,200 D Print $ 63,750 23,900 180,000 95,550 $363,200 ferences 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 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 will be paid in e. The note payable on the April 30 balance sheet will be paid during May, with $105 in interest (All of the interest relates to May) New refrigerating equipment costing $11.800 will be purchased for cash during May 9. During May, the company wil 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 from customers 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 2 Required: 1. Calculate the expected cash collections from customers 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. nts Complete this question by entering your answers in the tabs below. eBook Req 1 and 2 Reg 3 Req 4 Reg 5 Print References Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May $ 0