Problem 8-19 Cash Budget; Income Statement: Balance Sheet (L08-2, L08-4, L08-8, L08-9, 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 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 10,380 70,000 43,000 227,000 $ 350, 300 $ 86,000 23,000 180,000 61,300 $ 350,300 The company is in the process of preparing a budget for May and has assembled the following dato: Sales are budgeted at $276,000 for May, or these soles. $82,800 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 April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $147,000 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 $43,000 Den 10 10 11 Safarlie View lary Bookmarks Windo OB etmedication.com AD MG10-08 OWO Save Chem 19 to superbe paid during The May 3 nentory Dance is tudtod 4543.000 Selling and adventes for Mayore budgeted at $2.500, se oferection. These spese we belih The role playable on the Apr 30 boncertet wit beeld during a win $2 interest of the interest relates to Mw) 4 Durge comowy w borrow $2.200 from Istorie by giving now note payable to the bank for that count. The new note in one Reed Calce preded collections from customers for May 2. Cicle the rected candissements for merchandise purchases for My 4. Prepare a bugeted income soment for Shepere a budete cesheets of My Complete this question by entering your answers in the tabs below ealand econd Chion from Chorus B N M. For the Month of May Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: Borrowingnote Repayments-note Interest Total financing Ending cash balance B N M. For the Month of May Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: Borrowingnote Repayments-note Interest Total financing Ending cash balance