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PROBLEM 8-18 Cash Budget Income Statement, Balance Sheet Changing Assumptions [L08-2, L08-4, L08-8, L08-9, LO8-10] Refer to the data for Minden Company in Problem 8-17. The company is considering making the following changes to the assumptions underlying its master budget: 1. Sales are budgeted for $220,000 for May. 2. Each month's credit sales are collected 60% in the month of sale and 40% in the month fol- lowing the sale 3. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All other information from Problem 8-17 that is not mentioned above remains the same. Required: Using the new assumptions described above, complete the following requirements I. Prepare a cash budget for May.Support your budget with a schedule of expected cash collec- tions from sales and a schedule of expected cash disbursements for merchandise purchases. Prepare a budgeted income statement for May. Use the absorption costing income statement format as shown in Schedule 9 2. 4. Prepare a budgeted balance sheet as of May 31. PROBLEM 8-18 Cash Budget Income Statement, Balance Sheet Changing Assumptions [L08-2, L08-4, L08-8, L08-9, LO8-10] Refer to the data for Minden Company in Problem 8-17. The company is considering making the following changes to the assumptions underlying its master budget: 1. Sales are budgeted for $220,000 for May. 2. Each month's credit sales are collected 60% in the month of sale and 40% in the month fol- lowing the sale 3. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All other information from Problem 8-17 that is not mentioned above remains the same. Required: Using the new assumptions described above, complete the following requirements I. Prepare a cash budget for May.Support your budget with a schedule of expected cash collec- tions from sales and a schedule of expected cash disbursements for merchandise purchases. Prepare a budgeted income statement for May. Use the absorption costing income statement format as shown in Schedule 9 2. 4. Prepare a budgeted balance sheet as of May 31