Chapter 9 Assignment i Saved Problem 9-18 Cash Budget; Income Statement; Balance Sheet (LO2] Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: 20 points Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation eBook $ 18,700 70,250 41,250 230,000 Ask Print Total assets $ 360,200 $ Liabilities and Shareholders' Equity Accounts payable Note payable Common shares Retained earnings 72,250 13,700 180,000 94,250 Total liabilities and shareholders' equity $ 360,200 Chapter 9 Assignment Saved The company is in the process of preparing a budget for May and has assembled the following data: 20 points a. Sales are budgeted at $214,000 for May. Of these sales, $64,200 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 $122,000 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 $47,500. d. Selling and administrative expenses for May are budgeted at $85,500, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,050 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $390 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $16,300 will be purchased for cash during May. g. During May, the company will borrow $24,500 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. eBook Ask Print Required: 1-a. Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases.. 20 points eBook Ask Schedule of Expected Cash Collections Cash sales-May Collections on account receivable: April 30 balance May sales Total cash receipts Print Schedule of Expected Cash Disbursements April 30 accounts payable balance May purchases Total cash payments Chapter 9 Assignment i Saved 1-b. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) 20 points Minden Company Cash Budget For the Month of May eBook Ask Print Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: Borrowingnote Repayments-note Interest Total financing Ending cash balance Chapter 9 Assignment i Saved 2. Prepare a budgeted income statement for May. 20 points Minden Company Budgeted Income Statement For the Month of May eBook Cost of goods sold: Ask Print Chapter 9 Assignment i Saved 3. Prepare a budgeted balance sheet as of May 31. 20 Minden Company Budgeted Balance Sheet May 31 Assets points eBook Ask Print Total assets Liabilities and Shareholders' Equity Total liabilities and shareholders' equity