You have logged into My X McGraw-Hill Connect X Question 7 - Unit 5 Applic Course Hero X Course Hero X 24108123 (1247x543) X + V X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts... Apps G Google TPP TW Webex [s Grants-TW MO WORLD Title VI Reporting TSHEET Colvin Bills Park UNIV_MBA DOT Email Imported Reading list Unit 5 Application Assignment Saved Help Submit Check my work Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: 7.16 Minden Company point Balance Sheet April 30 Assets cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Hint Liabilities and Stockholders Equity Accounts payable 63, 80 Note payable 14, see Common stock 180, 828 Retained earnings 42, 508 Total liabilities and stockholders equity The company is in the process of preparing a budget for May and has assembled the following date: 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 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 of inventory are expected to total $120,000 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 balance is budgeted at $40,000. d. Selling and administrative expenses for May are budgeted at $72,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on the April 30 balance sheet will be paid during May. with $100 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $6.500 will be purchased for cash during May. 9. During May, the company will borrow $20,000 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. 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. Req 1 and 2 Required 3 Required 4 Required 5 - Calculate the expected cash collections from customers for May- 2. Calculate the expected cash disbursements for merchandise purchases for May. Total cash collections $ 184,000 Total cash disbursements $ 111,000 Grow Unit_8_Course_Pro.pdf Barnes&Nobles_U..pdf Show all XYou have logged into MyPark | M X McGraw-Hill Connect X Question 7 - Unit 5 Application A Homework Help - Q&A from Onl x Course Hero X + V X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts... Apps G Google STPP TW Webex [s Grants-TW MO WORLD Title VI Reporting TSHEET Colvin Bills Park UNIV_MBA DOT Email Imported Reading list Unit 5 Application Assignment Saved Help Save & Exit Submit Check my work 7 Problem 8-19 (Static) Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] 7.16 points Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: eBook Minden Company Balance Sheet Hint April 30 Assets References Cash $ 9,000 Accounts receivable 54, 000 Inventory 30,000 Buildings and equipment, net of depreciation 207,000 Total assets $ 300,090 Liabilities and Stockholders' Equity Accounts payable $ 63,000 Note payable 14,500 Common stock 180,000 Retained earnings 42, 500 Total liabilities and stockholders' equity 300, 000 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 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 $120,000 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 balance is budgeted at $40,000. d. Selling and administrative expenses for May are budgeted at $72.000, exclusive of depreciation. These expenses will be paid in Mc Graw Hill Unit_8_Course_Pro..pdf Barnes&Nobles_U...pdf Show all XYou have logged into MyPark | M X A McGraw-Hill Connect X Question 7 - Unit 5 Application A Homework Help - Q&A from Onl x Course Hero X + V X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts... Apps G Google TPP TW Webex [s Grants-TW MO WORLD Title VI Reporting TSHEET Colvin Bills Park UNIV_MBA DOT Email Imported Reading list Unit 5 Application Assignment Saved Help Submit Check my work The company is in the process ng a budget for May and has assembled the following data: . 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 7.16 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 point April 30 accounts receivable will be collected in May. . Purchases of inventory are expected to total $120,000 during May. These purchases will all be on account. Forty percent of al purchases are paid for in the month of purcha th of purchase: the remainder are paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May. eBook . The May 31 inventory balance is budgeted at $40,000 d. Selling and administrative expenses for May are budgeted at $72,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month. Hint e. The note payable on the April 30 balance sheet will be paid during May, with $100 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $6,500 will be purchased for cash during May. g. During May, the company will borrow $20,000 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. 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. . 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. Req 1 and 2 Required 3 Required 4 Required 5 Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Minden Company Caan Budget For the Month of May Beginning cash balance $ 9,000 Add collection from customers 184,000 Total cash available Less cash disbursements: Purchase of inventory 111,000 Selling and administrative expenses 72,000 Purchases of equipment 6,500 Total cash disbursements 189,500 Excess of cash available over disbursem 3.500 Financing: Borrowing-note 20,000 Repayments-nate (14.500) Interest (100) Total financing 5,400 Ending cash balance 8,900 Grow Unit_8_Course_Pro.pdf Barnes&Nobles_U..pdf Show all XYou have logged into MyPark | M X McGraw-Hill Connect X Question 7 - Unit 5 Application A Homework Help - Q&A from Onl x Course Hero X + V X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts... Apps G Google TPP TW Webex [s Grants-TW MO WORLD Title VI Reporting TSHEET Colvin Bills Park UNIV_MBA DOT Email Imported Reading list Unit 5 Application Assignment Saved Help Save & Exit Submit Check my work 7 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 7.16 April 30 points Assets Cash $ 9,000 Accounts receivable 54,000 Inventory 30,006 eBook Buildings and equipment, net of depreciation 207, 606 $ 300,000 Hint Total assets Liabilities and Stockholders' Equity References Accounts payable $ 63,000 Note payable 14,500 Common stock 180, 090 Retained earnings 42,500 Total liabilities and stockholders' equity $ 300,000 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 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 $120,000 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 balance is budgeted at $40,000. d. Selling and administrative expenses for May are budgeted at $72,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $100 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $6,500 will be purchased for cash during May. g. During May, the company will borrow $20,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Mc Graw Hill Unit_8_Course_Pro..pdf Barnes&Nobles_U..pdf Show all XYou have logged into MyPark | M X McGraw-Hill Connect X Question 7 - Unit 5 Application A Homework Help - Q&A from Onl x Course Hero X + V X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts... Apps G Google STPP TW Webex [s Grants-TW MO WORLD Title VI Reporting TSHEET Colvin Bills Park UNIV_MBA DOT Email Imported Reading list Unit 5 Application Assignment Saved Help Save & Exit Submit Check my work 7 Required: 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 7.16 3. Prepare a cash budget for May. points 4. Prepare a budgeted income statement for May. 5. Prepare a budgeted balance sheet as of May 31. eBook Hint Complete this question by entering your answers in the tabs below. References Req 1 and 2 Required 3 Required 4 Required 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May Sales $ 200,000 Cost of goods sold 10,000 Gross margin 90,000 Selling and administrative expenses 74,000 Net operating income 16,000 Interest expense 100 $ 15,900 Mc Graw Hill Unit_8_Course_Pro...pdf Barnes&Nobles_U...pdf Show all XYou have logged into My X McGraw-Hill Connect X Question 7 - Unit 5 Applic Course Hero X Course Hero X 24108123 (1247x543) X + V X CD ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts... : Apps G Google TPP TW Webex [s Grants-TW MO WORLD Title VI Reporting TSHEET Colvin Bills Park UNIV_MBA DOT Email Imported Reading list Unit S Application Amigoment Help Save & Eadt Submit 7 Check my work Problem 8-19 (Static) Cash Budget: Income Statement: Balance Sheet [LO8-2, LOB-4, LOB-8, LO8-9. OB-10] Minden Company is a wholeasle distributor of premium European chacelates. The company's be anez sheet sa of April 30 is given hecourts recalvabie Buildings and equipment, net of depreciation Liabilities and Stockholders' Equity counts payable Common stock Retained earnings Total Isabilities and stockholders equity The company is in the process of preparing a budget for May and has wing data. did tre Bled led at8400.god for May. Of these ankles. $60 000 willas for cook the remainder will be credit asics. One-half of a month's credit amlea are collected in the month the amlea are made, and the remainder ia eslessed in the following mand haass are paid for in the month of purchase; the remainder are paid in the falswing mande. All of the April 30 assouta payat The mey sincemary balance is Budgeted at $40.000. d. Selling and administrative expenses for May are budgeted at $72.000, exclusive of depreciation. Theas experaza will be paid in New refrigerating Equipment seating $5.500 will be purchased for cash during May. eat relates to Maryl a. During May, the campsry will barrow $20.000 from its bark by civing a new ness payable to the be "pate will be due in one year. hat amount The new 2. Congested cash colections from cuatamera for May So sulets the expected cash disbursements for merchandise purchases for May. S. Prepare a budgeted belongs ahost as of May 3 Complete this question by entering ers in the tabs below. Reg 1 ard 2 Requires 3 Resumed 4 Prepare a bucketed balance sheet as of Mary 31 Mandan Curparty Lintailities wild Shackholder Equity Unit_8_Course_Pro..pdf Barnes&Nobles_U..pdf Show all X