Problem 8-19 (Algo) Cosh 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 April 30 is given below: The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $260.000 for May. Of these sales, $78,000 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 Aprit 30 accounts recelvable will be colfected in May b. Purchases of irventory are expected to total $155,000 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 batance is budgeted at $59,500 d. Selling and administrative expenses for May are budgeted at $99,500, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,550 for the month. e. The note payable on the Apra 30 balance sheet will be paid during May, with $460 in interest. (All of the interest relates to May) f New refrigerating equipment costing $11,000 wilt be purchased for cash during May. 9. During May, the company will borrow $21.500 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. 1. Calculate the expected cash collections from customers for May: 2. Calculate the expected cash disbursements for merchandise purchases for May. 5. Prepare a budgeted balance sheet as of May 31. Complete this question ing your answers in the tabs below. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) ulieu. 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. Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet as of May 31