Accounting question

Bules 5&6 - Chapter 7 Sred 3 Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows. eBook MADEI COMPANY Balance Sheet April 3e Assets Cash Accounts receivable, customers Inventory Buildings and equisent, met of depreciation Total assets Liabilities and Shareholders' Equity Accounts payable, suppliers lote payable Capital shares, no per Retained earnings Total liabilities and shareholders' equity $ 11,400 57,000 31,800 219,000 $319,200 P $ 66,600 15,700 192,000 44,900 $319,200 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 $320.000 for May Of these sales. 596.000 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 Purchases of inventory are expected to total $192.000 during May. These purchases will all be on account 40% 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 $64.000 o Operating expenses for May are budgeted at $115,200, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $3200 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) New terrigerating equipment costing $7700 will be purchased for cash during May During May, the company will borrow $32,000 from its bank by giving a new note payable to the bank for that amount The new tevbe due in one year Required: 1. Prepare a cash budget for May (Any "Repayments" and "interest" should be indicated by a minus sign.) 3 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) 1. New refrigerating equipment costing $7700 will be purchased for cash during May. g During May, the company will borrow $32.000 from its bank by giving a new note payable to the bank for that amount the new note will be due in one year 10 points Required: 1. Prepare a cash budget for May (Any "Repayments" and "Interest" should be Indicated by a minus sign.) MINDEN COMPANY Cash Budget For the Month Ended May 31 ecook Print Total cash awal able 0 Deduct Disbursements Radiances Total cash disbursements 0 Excess of receipts over disbursements Financing Totaltnancing 0 10 Doints 2. Prepare a budgeted Income statement for May eBook MINDEN COMPANY Print Budgeted Income Statement For the Month Ended May 31 References Cost of goods sold Goods available for sale 0 Cost of goods sold 0 Print 3. Prepare a budgeted balance sheet as of May 31. References MINDEN COMPANY Budgeted Balance Sheet as of May 31 Assets Total assets $ 0 Liabilities and Shareholders' Equity Total liabilities and shareholders' equity 5 0