Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-8, LO8-9, LO8- 10] Minden Company is a wholesale distributor of premlum European chocolates. The company's balance...

Please do part 4 and 5 only.

Extracted text: Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-8, LO8-9, LO8- 10] Minden Company is a wholesale distributor of premlum European chocolates. The company's balance sheet as of April 30 is given below. Minden Company Balance Sheet April 30 Assets Cash 18, 0e0 76, 000 32,508 243, e00 $ 369, 500 Accounts receivable Inventory Buildings and equipment, net of depreciat ion Tutal asselts Liabilities and Stockholders' Equity Accounts payable Note payable COMIION stock Retained earnings Total liabilities and stocktolders eguity 88, 250 13, 200 180, eee 96, 8se $ 369, See The company is In the procesS of preparing a budget for May and has assembiec the following data: a. Sales are budgeted at $238.000 for May. Of these sales, $71.400 will be for cash; the remalnder will be credit sales. One-half of a month's credit sales are collected In the month the sales are made, and the remalnder is collected in the following month. All of the April 30 accounts recelvable vill be colected in May. ET0 b. Purchases of Inventory are expected to totai $124,000 during May. These purchases wil all be on account. Forty percent of all purchases are paid for In the month of purchase; the remalnder are paid in the following month. All of the April 30 accounts payable to suppliers wlil be pald during May. c. The May 31 inventory balance Is budgeted at $24,000. d. Selling and administrative expenses for May are budgeted at $86.100, exclusive of depreclation. These expenses will be pald in cash. Depreciation is budgeted at $4,450 for the month. e. The note payable on the April 30 balance sheet wili be pald during May. with $400 in Interest. (All of the Interest relates to May.) f. New refrigerating equipment costing $15.100 will be purchased for cash during May. g. During May. the company will borrow $23,800 from its bank by giving a new rote payable to the bank for that amount, The new note will be due in one year. Required: 1. Calculate the expected cash coliections 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. Reg 1 arid 2 Reg 3 Reg 4 Reg 5 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May Total cash ollections Total cash disbursements