Minden Company is a wholesale distributor of premium European chocolates. The co
ID: 2395929 • Letter: M
Question
Minden Company is a wholesale distributor of premium European chocolates. The company's bolo cheet as of April 30 is given below: Connect Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets $ 10,300 70,000 43,000 227,000 $ 350,300 Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 86,000 23,000 180,000 61,300 $ 350,300 The company is in the process of preparing a budget for May and has assembled the following data:Explanation / Answer
1) Expected cash collections for May (Amounts in $)
2) Expected cash disbursements for purchases for May (Amounts in $)
3) Minden Company
Cash Budget
For the Month of May (Amounts in $)
4) Minden Company
Budgeted Income Statement
For the Month of May (Amounts in $)
5) Minden Company
Budgeted Balance Sheet
May 31 (Amounts in $)
Cash Sales 82,800 Cash collected from Accounts receivable: April Accounts receivable 70,000 Credit sales of May [(276,000-82,800)*50%] 96,600 Total expected cash collections 249,400