Ale ernate problem set is available in the Connect Library a connect PROBLEMS Al

Question

Ale ernate problem set is available in the Connect Library a connect PROBLEMS All applicable problems are available with McGraw-Hill's Connect Accounting PROBLEM 7-17A Cash Budget; Income Statement, Balance Sheet [LO7-2, LO-4, LO7-s, LO7-, LO7-10 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 $300,000 . .. .. Liabilities and Stockholders' Equity 63,000 14,500 180,000 42,500 $300,000 Retained earnings... Total liabilities and stockholders' equity

Explanation / Answer

Amount$ Cahs Budget for the Month of May 2017 Opening Cash Balance          9,000 Cash Receipts       60,000 Credit Receipts       70,000 Accounts Receivable       54,000       184,000 Borrowing          20,000 Cash Available for use       213,000 Less: Cash Disbursements Accounts Payable         63,000 Note Payable         14,600 Purchases         48,000 Selling & Administrative Exp       72,000 New Refrigerator Cost        6,500       204,100          8,900 Minden Company   Budgeted Balance Sheet May 31st ASSETS Amount$ Cash                8,900 Accounts receivable            70,000 Inventory            40,000 Building & Equipment Net Deprecation           211,500 Total Assets          330,400 Liabilities and Stick Holders Equity Accounts Payable            72,000 Note Payable            20,000 Common Stock           180,000 Retained Earnings            58,400 Total Liabilities and Stock holders Equity          330,400 Minden Company   Income Statement ( Absorption Costing) For the Month Ended May 31st Sales         200,000 Less: Cost of Goods Sold :       110,000 Gross Profit       90,000 Less: Marketing & Admin Expenses   Selling Administrative Expenses        72,000 Depreciation          2,000 Interest Payable             100       74,100 Net Operating Income       15,900 (Carry forward to the Retained Earnings) Working Note a Opening Inventory        30,000 b Purchases       120,000 c Closing Inventory        40,000 d Cost Of Goods Sold       110,000 d=(a+b-c)

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