Problem 8-19 Cosh Budget; Income Statement; Balance Sheet (LO8-2, L08-4, LO8-8, LO8-9, L08-10) Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of Apet 20 is green below Minden Commy Balance Sheet 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 Itabilities and stockholders' equity $ 16,500 67,00 32,000 243,000 5364,500 $ 68,750 20,500 150,000 95,250 5364,500 The company is in the process of preparing a budget for May and has assembled the following data a. Sales are budgeted at $241.000 for May. Of these sales. $72,300 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 $191,000 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 $86,000 d. Selling and administrative expenses for May are budgeted at $76,200 exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $5,300 for the month e. The note payable on the Apni 30 balance sheet will be paid during May, with $170 in interest. All of the interest relates to May.) New refrigerating equipment costing 56,600 will be purchased for cash during May 9. During May, the company will borrow $27000 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: 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 b. Purchases of inventory are expected to foul 514 during my purchases are paid for in the month of purchase the remainder are paid in the following month All of the Apni 30 tot to suppliers will be paid during May The May 31 inventory balance is budgeted at 586,000 d Selling and administrative expenses for May are budgeted at $76,200, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $5,300 for the month e. The note payable on the Apni 30 balance sheet will be paid during May, with $170 in interest. All of the interest relates to May New refrigerating equipment costing $6,600 will be purchased for cash during May 9. During May, the company will borrow $27000 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 tastes below. Reg 1 and 2 Dogs 1. Calculate the expected cash collections from customers for May 2. Calculate the expected cash disbursements for merchandise purchases for May Tota canh collections Total cash disbursements Reg 3 > Req 1 and 2 Req3 Req 4 Req 5 Prepare a cash budget for May. (Cash deficiency, repayments and intere: Minden Company Cash Budget 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 Borrowing-note Repayments-note Interest Total financing Ending cash balance Req 1 and 2 Req3 Req 4 Req 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 ( Req4 Problem 8-19 Cosh Budget; Income Statement; Balance Sheet (LO8-2, L08-4, LO8-8, LO8-9, L08-10) Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of Apet 20 is green below Minden Commy Balance Sheet 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 Itabilities and stockholders' equity $ 16,500 67,00 32,000 243,000 5364,500 $ 68,750 20,500 150,000 95,250 5364,500 The company is in the process of preparing a budget for May and has assembled the following data a. Sales are budgeted at $241.000 for May. Of these sales. $72,300 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 $191,000 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 $86,000 d. Selling and administrative expenses for May are budgeted at $76,200 exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $5,300 for the month e. The note payable on the Apni 30 balance sheet will be paid during May, with $170 in interest. All of the interest relates to May.) New refrigerating equipment costing 56,600 will be purchased for cash during May 9. During May, the company will borrow $27000 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: 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 b. Purchases of inventory are expected to foul 514 during my purchases are paid for in the month of purchase the remainder are paid in the following month All of the Apni 30 tot to suppliers will be paid during May The May 31 inventory balance is budgeted at 586,000 d Selling and administrative expenses for May are budgeted at $76,200, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $5,300 for the month e. The note payable on the Apni 30 balance sheet will be paid during May, with $170 in interest. All of the interest relates to May New refrigerating equipment costing $6,600 will be purchased for cash during May 9. During May, the company will borrow $27000 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 tastes below. Reg 1 and 2 Dogs 1. Calculate the expected cash collections from customers for May 2. Calculate the expected cash disbursements for merchandise purchases for May Tota canh collections Total cash disbursements Reg 3 > Req 1 and 2 Req3 Req 4 Req 5 Prepare a cash budget for May. (Cash deficiency, repayments and intere: Minden Company Cash Budget 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 Borrowing-note Repayments-note Interest Total financing Ending cash balance Req 1 and 2 Req3 Req 4 Req 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 ( Req4