Sowed Help Save & Exit Submit Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MINDEN COMPANY Balance Sheet April 30 Assets Cash Accounts receivable, customers Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Shareholders' Equity Accounts payable, suppliers Note payable Capital shares, no par Retained earnings Total liabilities and shareholders' equity $ 13, 408 59,5ee 33,388 229,082 $335, 288 $ 69,600 16,700 202, een 46.900 $335,280 The company is in the process of preparing budget data for May. A number of budget items have already been prepared as follows a Sales are budgeted at $420,000 for May. Of these sales. $126,000 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 are collected in the following month All of the April 30 recelvables will be collected in May AAA AUT Prev 7 of 7 !!! Next 10:22 AM e Parts A ING - Help Total 1100iiities and snarenolders' equity Save & Exit Submit >>>>), 200 The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as follows: a Sales are budgeted at $420,000 for May, of these sales, $126,000 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 are collected in the following month. All of the April 30 receivables will be collected in May b. Purchases of Inventory are expected to total $252,000 during May. These purchases will all be on account 30% 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 $84,000 d. Operating expenses for May are budgeted at $151.200, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $4,200 for the month e. The note payable on the April 30 balance sheet will be paid during May, with $50 in interest (All of the interest relates to May) New refrigerating equipment costing $8,700 will be purchased for cash during May g During May, the company will borrow $42.000 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. Prepare a cash budget for May (Any "Repayments" and "Interest" should be indicated by a minus sign.) MINDEN COMPANY Cash Budget Next 7 of 7 !!!