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Modes Compr April 30 Assets Cash Arcounts receivable $13,500 Inventory 38,500 40-750 Huildings and equipment, net of depreciation Total assets 202.000 $319,750 Accounts payable Note payable 567.750 $15.800 Common stock 190,000 Retained earnings 36,200 Total Habilities and stockholders' equity $319,756 The company is in the process of preparing a budget for May and has assembled the following date Sales are budgeted at $263,000 for May. Of these sales, $78.900 will be for cash, the remainder will be credit sales. One-half of a moth's credit sales are allecial in the won the wes remainder is collected in the following month. All of the April 30 accounts receivable will be collected in May Purchases of inventory are expected to total $193,000 during May. These purchases will all be on account Forty percent of all purchases are paid for in the month of purchar, the following month. All of the April 30 accounts payable to suppliers will be paid during May The May 31 inventory balance is budgeted at $63,000. Selling and administrative expenses for May are budgeted at $73,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4.650 for the The note payable on the April 30 balance sheet will be paid during May, with $300 in interest. (All of the interest relates to May.) New refrigerating equipment costing $11.900 will be purchased for cashs during May During May, the company will borrow $27,200 from its bank by giving a new note payable to the bank for that amount. The new note will be dise in one year. Required: Using the information provided, prepare the following: 1. The budgeted expected cash collections from customers for May. [1 marks] 2. The budgeted expected cash disbursements for merchandise purchases for May. [1 marks] 1 The cash budgeted for May 15 marks] April 30 $18,500 38.500 eut, net of depreciation 40.750 202.000 olders' Equity $319,750 567,750 $15,800 180,000 ckholders' equity 56.200 $319,750 ocess of preparing a budget for May and has assembled the following data 3,000 for May. Of these sales, $78,900 will be for cash; the remainder will be credit sales. One-half of a mouth's credit sales are collected in the month the tales sale, he following month. All of the April 30 accounts receivable will be collected in May expected to total $193.000 during May. These purchases will all be on account. Fosty percent of all purchases are paid for in the month of peochas the per are paid in the April 30 accounts payable to suppliers will be paid during May ance is budgeted at $63,000. xpenses for May are bodgeted at $73,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgened at $4.650 for the mooth ril 30 balance sheet will be paid during May, with 5300 in interest, (All of the interest relates to May.) at costing $11.900 will be purchased for cash during May will borrow $27.200 from its bank by giving a new note payable to the bank for that amount. The new note will be due is one year led, prepare the following: sh collections from customers for May. [1 marks] sh disbursements for merchandise purchases for May. [1 marks] [5 marks] ASUS VivoBook Common stock $15.800 190.000 Retained earings Total liabilities and stockholders' equity 56,200 $319,750 The company is in the process of preparing a budget for May and has assembled the following data Sales are budgeted at $263,000 for May. Of these sales, $78,900 will be for cash: the remainder will be credit sales. One-half of a month's credit sales are collected in the the remainder is collected in the following month. All of the April 30 accounts receivable will be collected in May Purchases of inventory are expected to total $191,000 during May. These purchases will all be on account. Forty percent of all purchaies set paid for in the month of p following month. All of the April 30 accounts payable to suppliers will be paid during May The May 31 inventory balance is budgeted at $63,000. Selling and administrative expenses for May are budgeted at $73,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is bodgeted at $4,650 for the mon The note payable on the April 30 balance sheet will be paid during May, with $300 in interest. (All of the interest relates to May.) New refrigerating equipment coiting $11.900 will be purchased for cash during May During May, the company will borrow $27,200 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year Required: Using the information provided, prepare the following 1. The budgeted expected cash collections from customers for May, [1 marks] 2. The budgeted expected cash disbursements for merchandise purchases for May (1 marks) 3. The cash budgeted for May, (5 marks] For the toolbar, press ALT+F10 (PC) or ALT+FN-F10 (Mac) Arial V A 2 I X EV V 10pt B I VS Paragraph xx "Q 3 1: Budget Cash collection for may Cash Sales in May 78,000 E- ASUS VivoBook S F a ter ble (1)