Use the information below to answer the attached questions in the Excel Spreadsheet. Re-attached the Excel Spreadsheet with the answers.

Minden Company Balance Sheet April 30
Assets
Cash	$	10,300
Accounts receivable		70,000
Inventory		43,000
Buildings and equipment, net of depreciation		227,000
Total assets	$	350,300
Liabilities and Stockholders? Equity
Accounts payable	$	86,000
Note payable		23,000
Common stock		180,000
Retained earnings		61,300
Total liabilities and stockholders? equity	$	350,300

The company is in the process of preparing a budget for May and has assembled the following data:

a.	Sales are budgeted at $276,000 for May. Of these sales, $82,800 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 $147,000 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 $43,000.
d.	Selling and administrative expenses for May are budgeted at $97,500, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,200 for the month.
e.	The note payable on the April 30 balance sheet will be paid during May, with $235 in interest. (All of the interest relates to May.)
f.	New refrigerating equipment costing $12,100 will be purchased for cash during May.
g.	During May, the company will borrow $29,200 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.

Prepare a schedule of expected cash colections from sales and 1a. Schedule of Expected Cash Collectio Cash sales- May Collections on account receivable: April 30 balance May sales total cash receipts Schedule of Expected Cash Disbursem April 30 accounts payable balance May purchases Total cash payments 1b. Prepare a cash budget for Mau. (Cash deficie Miden Company Cash Budget For the Month of May Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and admin expenese Purchase of equipment Total cash disbursements Financing: Borrowing-note Repayments-note Total financing Ending cash balance 2 Prepare a budgeted income statement for May Miden Company Budgeted Income Statement For the Month of May Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross Margin Selling and admin expenses net operating income Interest expense Net income 3 Prepare a budgeted balance sheet as of May 31 Miden Company Budgeted Balance Sheet 31-May Assets Cash Accounts receivable Inventory Buildings and equipment Total Assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity pected cash colections from sales and a schedule of expected cash disbursements for merchandise purchases. Schedule of Expected Cash Collections Schedule of Expected Cash Disbursements a cash budget for Mau. (Cash deficiency, repayments and interest should be indicated by a minus sign) Miden Company Cash Budget For the Month of May nothing goes in this cell nothing goes in this cell budgeted income statement for May Miden Company Budgeted Income Statement For the Month of May nothing goes in this cell budgeted balance sheet as of May 31 Miden Company Budgeted Balance Sheet 31-May Assets bilities and Stockholders' Equity holders' equity dise purchases. us sign)