Minden Company is a wholesale distributor of premium Europea

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:

Solution

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