need help finding the balance for cash, accounts recievable, and retained earnings. Thank you!
Meturn to quest 1 Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: po Hinden Company Balance Sheet April Assets Cash Accounts receivable Inventory Buildings and equipment, nt of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' culty $ 9.000 54,000 30,000 27.000 $300,000 $ 63.000 14,500 110.000 4) 500 $300.000 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $220,000 for May. Of these sales. $60,000 will be for cash; the remainder will be credit sales. Each month's credit sales are collected 60% in the month of sale and 40% in the month following the sale. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $120.000 during May. These purchases will all be on account. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All of the April 30 accounts payable to suppliers will be paid during May c. The May 31 inventory balance is budgeted at $40,000 Collins and intrathinner in sraha 7 wchon Horroristian Thora non hann d. Sering and administrative expenses for May we budgeted at $72.000, exclusive of depreciation. These expenses will be pardin Cash Depreciation is budgeted at $2.000 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $100 in interest All of the interest relates to May New refrigerating equipment costing 56.500 will be purchased for cash during May During May, the company will borrow $20,000 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 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Recured Requred 4 Required Prepare a budgeted balance sheet as of May 31 Minden Company Budgeted Balance Sheet May 31 Minden Company Budgeted Balance Sheet May 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation ox 40,000 211.500 ences $ 251,500 Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings $ 50,000 20,000 180,000 Total liabilities and stockholders' equity $ 260,000
