Question: anyone can help? Please make sure everything is filled in and can be seen. Thank you:) Minden Company is a wholesale distributor of premium European





Minden Company is a wholesale distributor of premium European chocolates. The compary's balance sheet as of Apriil 30 is given below: The company is in the process of preparing a budget for Mry and has assembled the followhg data: a. Siles are budgeted at $241,000 for May. Of these sales, $72,300 will be for cashi 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 remalnder is collected in the following month. All of the April 30 accounts recelvable will be collected in May. b. Purchases of inventory are expected to total $191.000 during May. These purchases will all be on aceount. 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 poyable to suppliers will be paid during May. c. 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 budpeted at $5.300 for the month. e. The note poyable on the April 30 balance sheet will be pald during May. whsh $170 in interest. (AI of the interest relates to Moy) t. New refrigerating equipment costing $6,600 will be purchased for cash during May. 9. During May, the company will borrow $27,000 from its bank by giving a new nate payable to the bank for that anvount. The hew note will be due in one year. Required: 1. Calculate the expected cash collections from customers Jor 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. 1. Calculate the expected cash collections from customers for May. 2. Caiculate the expected cash disbursements for merchandise purchases for May. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus slgn.) Prepare a budgeted income statement for May. Prepare a budgeted balance sheet as of May 31
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