Help Save & Exit SI 3 Check my w Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet (L08-2, LO8-4, L08-8, LO8-9, LO8- 10] 6 points Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given Sud below Minden Company Balance Sheet A 30 Assets Cash $ 14,30 55.250 49,250 212.000 $116.30 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity accounts payable hote payable Con stock Hetined earning Total ties and stockholders' equity $ 55.00 16,500 100.00 Ya, se 1336.00 The company is in the process of preparing a budget for May and has assembled the following data The company is in the process of preparing a budget for May and has assembled the following data: Check my Apped a. Sales are budgeted at $292,000 for May. Of these sales. $87,600 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 $216,000 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 $72.500 Selling and administrative expenses for May are budgeted at $82,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,500 for the month e The note payable on the April 30 balance sheet will be paid during May, with $375 in interest (All of the interest relates to May) 9. During May, the company will borrow $20,500 from s bank by givng a new note payable to the bank for that amount. The new note will be due in one year, rences 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 Req3 Reg 4 Reg 5 es 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. Total cash collections Total cash disbursements Red 1 and 2 Req3 > 3 15 Elipped Hint eferences Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Minden Company Cash Budget For the Month of May Beginning cash balance Add collections from customers Total cash available Loss cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing Borrowing---note Repayments--note Interest Total financing Ending cash balance 3 Reg 1 and 2 Reg 3 Reg 4 Reg 5 6 points Prepare a budgeted income statement for May. Skipped Minden Company Budgeted Income Statement For the Month of May Hint References 3 Prepare a budgeted balance sheet as of May 31. 6 points Minden Company Budgeted Balance Sheet May 31 Assets Skoped Hint References Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity (Me Graw Hill