Problem 8-19 Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10 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 9,000 54,e00 30,000 207,e00 $3e0,eee Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings 63,e0e 14, 5e0 180,000 2,500- Total liabilities and stockholders' equity $300, ee0 The company is in the process of preparing a budget for May and has assembled the following data a. Sales are budgeted at $200,000 for May. Of these sales, $60,000 will be for cash; the remainder will be credit sales. One-half of a b. Purchases of inventory are expected to total $120,000 during May. These purchases will all be on account. Forty percent of all 2 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 purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April 30 accounts payable