Please help with 4 and 5 thank you !! 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 premium European chocolates. The company's balance sheet as of April 30 is givenbelow:AssetsCashMinden CompanyBalance SheetApril 30Accounts receivableInventoryBuildings and equipment, net of depreciationTotal assetsLiabilities and Stockholders' EquityAccounts payable$ 15,00078,00037,750232,000$ 362,750$ 81,50014,000180,00087,250$362,750Note payableCommon stockRetained earningsTotal liabilities and stockholders' equityThe company is in the process of preparing a budget for May and has assembled the following data:a. Sales are budgeted at $294,000 for May. Of these sales, $88,200 will be for cash; the remainder will be credit sales. One-half of amonth's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the The company is in the process of preparing a budget for May and has assembled the following data:a. Sales are budgeted at $294,000 for May. Of these sales, $88,200 will be for cash; the remainder will be credit sales. One-half of amonth's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of theApril 30 accounts receivable will be collected in May.b. Purchases of inventory are expected to total $211,000 during May. These purchases will all be on account. Forty percent of allpurchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April 30 accounts payableto suppliers will be paid during May.c. The May 31 inventory balance is budgeted at $77,000.d. Selling and administrative expenses for May are budgeted at $96,900, exclusive of depreciation: These expenses will be paid incash. Depreciation is budgeted at $5,000 for the month.e. The note payable on the April 30 balance sheet will be paid during May, with $360 in interest. (All of the interest relates to May.)f. New refrigerating equipment costing $8,800 will be purchased for cash during May.g. During May, the company will borrow $20,900 from its bank by giving a new note payable to the bank for that amount. The newnote will be due in one year.Required:1. Calculate the expected cash collections 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.

Business organizations prepare a revenue summary so that they can understand how much profit they…

Answered: Minden Company is a wholesale…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer the first 3 parts 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 premium European chocolates. The company’s balance sheet as of April 30 is given below: Minden CompanyBalance SheetApril 30 Assets Cash $ 9,200 Accounts receivable 76,250 Inventory 49,750 Buildings and equipment, net of depreciation 228,000 Total assets $ 363,200 Liabilities and Stockholders’ Equity Accounts payable $ 63,750 Note payable 23,900 Common stock 180,000 Retained earnings 95,550 Total liabilities and stockholders’ equity $ 363,200 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $227,000 for May. Of these sales, $68,100 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…
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 premium European chocolates. The company’s balance sheet as of April 30 is given below: Minden CompanyBalance SheetApril 30 Assets Cash $ 18,700 Accounts receivable 70,250 Inventory 41,250 Buildings and equipment, net of depreciation 230,000 Total assets $ 360,200 Liabilities and Stockholders’ Equity Accounts payable $ 72,250 Note payable 13,700 Common stock 180,000 Retained earnings 94,250 Total liabilities and stockholders’ equity $ 360,200 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $214,000 for May. Of these sales, $64,200 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…
Please answer req part 4 and 5 and provide answers according to the images provided 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 premium European chocolates. The company’s balance sheet as of April 30 is given below: Minden CompanyBalance SheetApril 30 Assets Cash $ 9,200 Accounts receivable 76,250 Inventory 49,750 Buildings and equipment, net of depreciation 228,000 Total assets $ 363,200 Liabilities and Stockholders’ Equity Accounts payable $ 63,750 Note payable 23,900 Common stock 180,000 Retained earnings 95,550 Total liabilities and stockholders’ equity $ 363,200 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $227,000 for May. Of these sales, $68,100 will be for cash; the remainder will be credit sales. One-half of a month’s credit sales are collected in the month…
Problem 8-19 Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet as of April 30 is given below: Minden CompanyBalance SheetApril 30 Assets Cash $ 17,200 Accounts receivable 58,000 Inventory 48,250 Buildings and equipment, net of depreciation 204,000 Total assets $ 327,450 Liabilities and Stockholders’ Equity Accounts payable $ 67,000 Note payable 16,200 Common stock 180,000 Retained earnings 64,250 Total liabilities and stockholders’ equity $ 327,450 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $253,000 for May. Of these sales, $75,900 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…
Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 86,000 Accounts receivable 138,000 Inventory 75,000 Plant and equipment, net of depreciation 229,000 Total assets $ 528,000 Liabilities and Stockholders’ Equity Accounts payable $ 90,000 Common stock 351,000 Retained earnings 87,000 Total liabilities and stockholders’ equity $ 528,000 Exercise 8-12 (Algo) Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $400,000, $420,000, $410,000, and $430,000,…
Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 86,000 Accounts receivable 138,000 Inventory 75,000 Plant and equipment, net of depreciation 229,000 Total assets $ 528,000 Liabilities and Stockholders’ Equity Accounts payable $ 90,000 Common stock 351,000 Retained earnings 87,000 Total liabilities and stockholders’ equity $ 528,000 Exercise 8-12 (Algo) Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $400,000, $420,000, $410,000, and $430,000,…
Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 86,100 Plant and equipment, net of depreciation 230,000 Total assets $ 529,100 Liabilities and Stockholders’ Equity Accounts payable $ 91,000 Common stock 312,000 Retained earnings 126,100 Total liabilities and stockholders’ equity $ 529,100 Exercise 8-12 (Algo) Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000,…
14 Problem 8-19 (Static) Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet as of April 30 is given below: Minden CompanyBalance SheetApril 30 Assets Cash $ 9,000 Accounts receivable 54,000 Inventory 30,000 Buildings and equipment, net of depreciation 207,000 Total assets $ 300,000 Liabilities and Stockholders’ Equity Accounts payable $ 63,000 Note payable 14,500 Common stock 180,000 Retained earnings 42,500 Total liabilities and stockholders’ equity $ 300,000 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $200,000 for May. Of these sales, $60,000 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…
QUESTION 3: Based on the following assumptions and policies ; a) Prepare the budget for Collectables from Sales! b) Prepare the budget for Purchases! c) Prepare the budget of Cash Payment for Purchases! d) Set the company’s Cash Budget for 2021 BOARD Policies & Assumptions - Company’s projected sales for the three months as followings: Sales Forecast for 2021 January 2021 200.000 USD February 2021 220.000 USD March 2021 240.000 USD - All Sales are credited: %40 of sales are collected as in form of cash. %30 of sales are credited for 1 month and %30 of it for the next month. Rule: 40;30;30 - Accounts Receivables by quarter ending 31/12/2020 amounted to 120.000 USD a) 30.000 USD of Account Receivables belong to November Sales ( 11/2020) b) 90.000 USD of Account Receivables belong to December Sales ( 12/2020) - All purchases are credited: %50 of purchases are paid in advance and %50 of purchases are debited - Projected Inventories by the…
There are only 3 parts to this question. Please answer according to the image posted below. Problem 8-21 (Algo) Schedules of Expected Cash Collections and Disbursements [LO8-2, LO8-4, LO8-8] You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company’s operations: The cash balance on December 1 is $56,600. Actual sales for October and November and expected sales for December are as follows: October November December Cash sales $ 71,200 $ 73,400 $ 86,200 Sales on account $ 440,000 $ 576,000 $ 639,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. Purchases of inventory will total $315,000 for December. Thirty percent of a month’s inventory purchases are paid…
Problem 8-29 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10]The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 9,200Accounts receivable $ 26,800Inventory $ 49,800Building and equipment, net $ 104,400Accounts payable $ 29,925Common stock $ 150,000Retained earnings $ 10,275The gross margin is 25% of sales.Actual and budgeted sales data:March (actual) $ 67,000April $ 83,000May $ 88,000June $ 113,000July $ 64,000Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales.Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold.One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at…
P9-2A Monthly Cash Budget Grove, Inc. is a wholesaler for its only product, deluxe wireless electric drills, which sell for $90 each and cost Grove $54 each. On December 1, 2019, Grove's management requested a cash budget for December. The following selected account balances at November 30, 2019, were gathered by the accounting department: Cash $135,000 Marketable securities (at cost) 210,000 Accounts receivable (all trade) 1,710,000 Inventories (15,000 units) 810,000 Operating expenses payable 140,400 Accounts payable (all merchandise) 583,200 Note payable (due 12/31/2019 393,000 Actual sales for the months of October and November were 20,000 and 30,000 units, respectively. Projected unit sales for December and January are 50,000 and 40,000, respectively. Experience indicates that 50% of sales should be collected in the month of sale, 30% in the month…

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