Question

Please finish all of them
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 11,100 72,500 37,500 238,000 $ 359,100 $ 68,000 19,400 180,000 91,700 $ 359,100 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $255,000 for May. Of these sales, $76,500 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 $189,000 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 $77,500. d. Selling and administrative expenses for May are budgeted at $93,600, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $6,250 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $370 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $8,600 will be purchased for cash during May. g. During May, the company will borrow $29,500 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.

Answer 1

Answer 1. Schedule of Expected cash collections from Customer schedule of Expected Gsh Collections for the month of May 11. Cash Collection from Apr.30 outstanding Ale Recenable 2.500 2. Gsh sales 76500 Cath collection from May Month Account Receivable 89250 [(255000 - 36500) x 50] Total Cash collection from Cystomers for may [233250 2. Schedule of Expected Gsh Oisbyvements for Merchandise Purchases for May Schedyle of Expected Gsh Disbursements for the month of May. 1 i 12. Gsh cash Disbursement for Apr.30, Accounts Payable 68000 disbursement for May month Acconats Payable | 75600 (189000 X 40% of 189000) Total Gsh Oisbursement from suppliers 143600 A 3. Gish Bulget for the month of May... Cash Bydget shows all cash inflows and out flows during the period. It is helpful in measuring expected with requirement for the period and excess cash made to be in fylure for the purpose of investiment,

oo Minden comping Gih Bulget for the month ended may Aarticulars I AME($ amt I Cash Balance is on Apr. 3o 11100 I Gih Inflows Collection from Accougt Receivable | 238250 29500 1267750 Borrowing of New Note Pfable Total Cash Available (It II) 278830 | Gsh outflows Disbursement to Account Payable 143600 selling and administrative Expense 93600 . Notes Payable for Apr. 36 19400 Interest on Note payable. 370 1 1 9 l Eyyipment Purchquer 8600 To tyl cash disbyrsement - Ending Gih Belance 13280 = L (265570) 4 255000 Income statement for the month of May Income statement shows financial result of an organisation in terms of profft or 105. minden company . Income statemen for the month of May Parljulaus TAME $1 AMECBI Sales - Cost of Goods sold (149000) (37500 + 189000 - 77000) Gross Maugie 106000 | -selling and Administrative Expense ( 93600 + 6250) (99852) 6150 Net oppoq tiong Income - Intriest 3701 Net Income 15780

. 5. Balance sheet 95 on May 30 Balance sheet shows financial position of company. It is Mirror of company's operations, Minden company . Bylince sheet gf on May 3o. Partiallyos_ TAMIL Assets 13280 89250 Gsh Accounts Receivable [(253000 - 76900) X 50%] Inventory Building anu Equipment, net of depreciation (238000 - 6250 + 8600) 77500 240350 420380 Total Assets Liabilities and Stockholder's tgyily Acco уу (5 future (18дово“х сот Notes payable Common stock Rebygged Equn inggi 691700.+5780) 113400 29500 180000 97480 Tohl liabiljcici qnd Egyily 420380