Assume a merchandising company provides the following information from its master budget for the month of May: Cash collections from customers $ 135,000 Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Accounts receivable, May 1st Accounts receivable, May 31st $ 100,000 $ 95,000 $ 35,000 $ 31,000 $ 16,000 $ 22,000 If all of the company's sales are on account, what is the budgeted net operating income for May