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Minden Compsny is a wholesale distributor of premium Europesn chocolates. The company's bolance sheet ss of April 30 is given below: The compony is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $296,000 for May. Of these sales, $88,800 will be for cosh; 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 April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $192,000 during May. These purchases will all be on account. Forty percent of all purchases are poid for in the month of purchase; the remainder are paid in the following month. All of the April 30 accounts poysble to suppliers will be paid during May. c. The May 31 inventory bolance is budgeted at $51,500. d. Selling and soministrative expenses for May are budgeted at $98,700, exclusive of depreciation. These expenses will be poid in cosh. Depreciation is budgeted at $2,150 for the month. e. The note poyable on the April 30 bolance sheet will be paid during May, with $220 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $6,800 will be purchased for cosh during May. g. During May, the compony will borrow $23,200 from its bank by giving a new note paysble 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. Calculste the expected cosh disbursements for merchandise purchases for May. 3. Prepore 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. Colculate the expected cosh collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for Moy. 3. Prepore a cash budget for May. 4. Prepare a budgeted income statement for May. 5. Prepore a budgeted bolance 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. Colculate the expected cosh 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 bolance sheet as of May 31. Complete this question by entering your answers in the tabs below. Prepare a budgeted income statement for May. Required: 1. Colculate the expected cosh collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepore a cash budget for Moy. 4. Prepare a budgeted income statement for May. 5. Prepare a budgeted bolance 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
