Problem 7-18A Cash Budget; Income Statement; Balance Sheet Changing Assum Minden

Question

Problem 7-18A Cash Budget; Income Statement; Balance Sheet Changing Assum 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 $ 9,000 54,000 30,000 207,000 Total assets 300,000 Liabilities and Stockholders' Equity Accounts payable $ 63000 14.500 180,000 42.500 Note payable Common stock Retained earnings Total liabilities and stockholders equity $ 300.000

Explanation / Answer

Minden Company Cash Budget For the month of may Begining Cash Balance 9000 Add Collections For customer 210000 Total Cash Available 219000 Less cash Disbursements Purschase Inventory -123000 Selling and Administrative Expenses -72000 Purschase of eqiupment -6500 Total cash Disbursement -201500 Excess of cash available over disbursements 17500 Financing Borrowing-Notes 20000 Repayments-Notes -14500 Interest -100 Total Financing 5400 Ending Cash Balance 22900 (17500+5400)

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