please answer all parts!
Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO810] Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of Aprit 30 is given bolow: The company is in the process of preparing a budget for May and has assembled the foilowing data: a. Sales are budgeted at $241,000 for May. Of these sales, $72,300 will be for cashc the remainder will be credit sales, One-hat 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 Apcil 30 accounts recelvable will be collected in May. b. Purchases of inventory are expected to total $191,000 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 $86,000 d. Selling and administrative expenses for May are budgeted at $76,200, exclusive of depreciotion. These expenses will be paid in cash. Depteciation is budgeted at $5,300 for the month. e. The note poyable on the April 30 balance sheet Will be paid during May, with $170 in interest. (All of the interest relates to May) f. New refrigerating equipment costing $6,600 will be purchased for cash during May. 9. During May, the company will borrow $27,000 from its bank by giving a newinote payable to the bank for that amount. The new rote will be due in one year. Required: 1. Calculate the expected cash collections trom 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 inceme statement for May. 5. Prepare a budgeted balance sheet as of May 31. 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. Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 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. Complete this question by entering your answers in the tabs below. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) 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. Complete this question by entering your answers in the tabs below. Prepare a budgeted income statement 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. Prepare a budgeted balance sheet as of May 31
