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Student Name: Danniel Rolfe Class: Problem 09-19 Requirement 1: MINDEN COMPANY Schedule of cash receipts: Cash sales-May Collections on accounts...

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Student Name: Danniel Rolfe Class: Problem 09-19 Requirement 1: MINDEN COMPANY Schedule of cash receipts: Cash sales-May $ Collections on accounts receivable: April 30 balance May sales Total cash receipts Schedule of cash payments for purchases: April 30 accounts payable balance May purchases Total cash payments MINDEN COMPANY Cash Budget For the Month of May Cash balance, beginning Add receipts from customers Total cash available Less disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of receipts over disbursements Financing: Borrowings-note Repayments-note Interest Total financing Cash balance, ending Requirement 2: MINDEN COMPANY Budgeted Income Statement For the Month of May Sales Cost of goods sold: Beginning inventory Add purchases Goods available for sale Ending inventory Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income Requirement 3: MINDEN COMPANY Budgeted Balance Sheet May 31 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Equity Accounts payable Note payable Capital stock Retained earnings Total liabilities and equity
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Given Data P09-19: MINDEN COMPANY Balance Sheet April 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 Capital stock, no par 180,000 Retained earnings 42,500 Total liabilities and stockholders' equity $300,000 Budgeted Data relating to May: Budgeted sales $200,000 Budgeted sales in cash (remainder credit) $60,000 Percent of credit sales collected in same month 50% Expected inventory purchases during May $120,000 Purchases paid for in cash in month purchased 40% May accounts payable paid in June 100% Budgeted inventory balance, May 31 $40,000 Budgeted sellin and admin. expenses, May 31 $51,000 Budgeted depreciation, May 31 $2,000 Existing note payable paid in May 100% Interest expense for May $100 Equipment purchases in May $6,500 New note $20,000
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prb 9-19 13e sol.xls

Student Name: Danniel Rolfe
Class:
Problem 09-19
Requirement 1:
MINDEN COMPANY
Schedule of cash receipts:
Cash sales-May
Collections on accounts receivable:
April 30 balance
May sales
Total cash...

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