Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet as of April 30 is given below:
|Buildings and equipment, net of depreciation||228,000|
|Liabilities and Stockholders’ Equity|
|Total liabilities and stockholders’ equity||$||363,200|
The company is in the process of preparing a budget for May and has assembled the following data:
Sales are budgeted at $227,000 for May. Of these sales, $68,100 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.
Purchases of inventory are expected to total $159,000 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.
The May 31 inventory balance is budgeted at $87,500.
Selling and administrative expenses for May are budgeted at $79,500, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $6,000 for the month.
The note payable on the April 30 balance sheet will be paid during May, with $105 in interest. (All of the interest relates to May.)
New refrigerating equipment costing $11,800 will be purchased for cash during May.
During May, the company will borrow $25,100 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.
1. Calculate the expected cash collections 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.
Required 1 & 2
Require 3 : Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.)
Required 5 : Prepare a budgeted balance sheet as of May 31.
Req 1 and 2
1. Calculate the expected cash collections for May.
2. Calculate the expected cash disbursements for merchandise purchases for May Total cash collections Total cash disbursements
For assignment help, place an order
Why We Are The Best Assignment help service
Best Assignment Writing Services
We make certain that all of your directions are followed to the letter. S elect your academic level: high school, university/college, or professional, and an expert with the appropriate degree will be assigned to you.
Professional Academic Writers with Years of Experience
We have a group of assignment writing experts boasting academic and corporate writing skills. Many are native speakers who can assist you with any assignment.
Unlimited and Free Revisions
Submit your order for revision if you believe we missed something. After receiving the finished document, you get 10 days to send the order for evaluation. You can do this by signing into your private account or contact our customer service.
Money-back Guarantee and Quick Delivery
Papers are delivered on time. We may approach you about extending the deadline if we ever need extra time to perfect your paper. If you are unable to give us more time, a full refund is provided.
Confidential and Originality
We utilize a variety of plagiarism detection methods to verify that all of the materials you get are clear from plagiarism. All statements in the paper are carefully reviewed by our editors. In addition, we guarantee complete anonymity in our services.
24/7 Customer Care
Our customer service representatives are accessible 24 hours every day, seven days every week, and are dedicated to providing the best possible service. Please contact us when you need assistance.
There's no need to finish your paper late at night. We can handle the paper as you sleep. We provide a wide range of assignment help.
Essay and assignment help
You are allowed to select your educational level and paper type at affordable prices, regardless of what type of assignment you require or how urgently you need it. We handle all of your paper requirements and provide a customer service system that is available 24 hours a day, seven days a week..
Admission and Personal statement
An admission essay is a written statement submitted by an applicant, most commonly a prospective student applying to a college or university. You can rest assured that we will produce a quality admission essay..
Proofreading and Editing
Our professional essay writers and editors polish your document by making the essential modifications. We also structure your document by citing sources accurately and providing reference lists in APA, Harvard, MLA, Chicago / Turabian, and other formats..
Revision/Improve my paper
You can request a review if you believe your paper could be better. Your essay will be reviewed by the expert or handed to an editor. This option can be used as many times as you want. This is provided without extra charges since we want you to be entirely satisfied..