9 Question 3 - Modules 5&6 - ( X + V a 6 C' O (i ezto.mheducation.com': .. .. :m;l,';.w.. i. ,. i E ' . . . i] 53?) * I] T Update New folder a?/ Watch the Latest... ' Gmail > YouTube Maps . Snowfall Season 4... . Stock Screener -.., Hot Penny Stocks... Volume and Open... Ymovies Watch... >> Modules 5&6 - Chapter 7 0 Saved 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 10 Balance Sheet _ April 30 points Assets Cash $ 9,400 Skipped Accounts receivable, customers 54,500 Inventory 30 , 3 00 Buildings and equipment, net of depreciation 209,000 eEook Total assets $303,200 Liabilities and Shareholders' Equity prim Accounts payable, suppliers $ 63,500 Note payable 14,700 References Capital shares, no par 182,000 Retained earnings 42,900 Total liabilities and shareholders' equity $303,200 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 $220,000 for May. Of these sales, $66,000 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 $132,000 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. c. The May 31 inventory balance is budgeted at $44,000. d. Operating expenses for May are budgeted at $79,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation i: hilrlnm'nrl at Q7 700 Farthn mnnth % YouTube t Maps O Snowfall Season 4.,. . Stock Screener -,., Hot Penny Stocks... Volume and Open\". i :> Ymovies Watch\" Modules 5&6 - Chapter 7 0 Saved Help Save & Exit Submit 3 c. The May 31 inventory balance is budgeted at $44,000. cl. Operating expenses for May are budgeted at $79,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,200 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.) f. New refrigerating equipment costing $6,700 will be purchased for cash during May. 10 9. During May, the company will borrow $22,000 from its bank by giving a new note payable to the bank for that amount. The new points note will be due in one year Skipped Required: 1. Prepare a cash budget for May. (Any "Repayments" and "Interest" should be indicated by a minus sign.) eEook MINDEN COMPANY PW\" Cash Budget References For the Month Ended May 31 Total cash available Deduct: Disbursements: Total cash disbursements Excess of receipts over disbursements Financing: Question 3 - Modules 5&6 - Cl X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mhedu... Update New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... f Stock Screener -... Hot Penny Stocks... D Volume and Open... Ymovies - Watch... > > Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Check my work 3 MINDEN COMPANY Cash Budget For the Month Ended May 31 10 points Skipped Total cash available 0 Deduct: Disbursements: eBook Print References Total cash disbursements 0 Excess of receipts over disbursements Financing: Total financing Mc Graw Prey 3 of 4 Next > Hill9 Question 3 - Modules 5&6 - ( X + V E 6 C' O l i ezto.mheducation.com: ,, ' , ,,j 'g , ;, , , l [:1 if?" i I] T (Update 3 New folder (9; Watch the Latest\". ' Gmail > YouTube Maps . Snowfall Season 4... . Stock Screener -.., Hot Penny Stocks... Volume and Open\". l E Ymovies Watch\" >> Modules 5&6 - Chapter 7 0 Saved Help Save & Exit Submit 2. Prepare a budgeted income statement for May. MINDEN COMPANY 10 Budgeted Income Statement Points For the Month Ended May 31 skipped Cost of goods sold: eEook Prim Goods available for sale References Cost of goods sold Question 3 - Modules 5&6 - Cl X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mhedu... Update New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... f Stock Screener -... Hot Penny Stocks... D Volume and Open... Ymovies - Watch... > > Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Check my work 3 3. Prepare a budgeted balance sheet as of May 31. 10 MINDEN COMPANY points Budgeted Balance Sheet as of May 31 Skipped Assets eBook Print References Total assets $ 0 Liabilities and Shareholders' Equity Total liabilities and shareholders' equity $ Mc Graw Prey 3 of 4 Next > Hill