Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, L08-10) Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash $ 10,000 Accounts receivable 62,750 Inventory 32,750 Buildings and equipent, net of depreciation 219,000 Total assets $ 324,500 Liabilities and Stockholders' Equity Accounts payable $ 69,000 Note payable 22,700 Connon stock 180,000 Retained earnings 52,820 Total liabilities and stockholders' equity 5 324,500 The company is in the process of preparing a budget for May and has assembled the following data: ces 6. Sales are budgeted at $254.000 for May. Of these sales. $76.200 will be for case the remainder will be credit sales. One-half of a month's credih 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 $137.000 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 The May 31 inventory balance is budgeted at 545.000 d. Selling and administrative expenses for May are budgeted at $98,400, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,550 for the month 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 $45,000. d. Selling and administrative expenses for May are budgeted at $98,400, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,550 for the month, e. The note payable on the April 30 balance sheet will be paid during May, with $350 in interest (All of the interest relates to May) . New refrigerating equipment costing $8,700 will be purchased for cash during May. 9. During May, the company will borrow $27,400 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, Complete this question by entering your answers in the tabs below. lunces Reg 1 and 2 Rega Reg 4 Reqs 1. Calculate the expected cash collections from customers for May 2. Calculate the expected cash disbursements for merchandise purchases for May Totalcanh collections Toril cash dimbursements Reg 3 > - repare a vuugeleu valdle Sheet as I may 9, Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req3' Req4 Reg 5 Prepare a budgeted Income statement for May. Minden Company Budgeted Income Statement For the Month of May Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Reg 5 Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity