below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity 9. eee 54.000 30,000 207,eee $ 300, eee $ 63,00 14,500 182.ee 42, see $ 300.ee The company is in the process of preparing a budget for May and has assembled the following data. a 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 month. All of the April 30 accounts receivable will be collected in May b. Purchases of Inventory are expected to total $120,000 during May. These purchases will all be on account Forty percent of all purchases are paid for in the month of purchase, the remainder are paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May c. The May 31 Inventory balance is budgeted at $40,000 d Selling and administrative expenses for May are budgeted at $72.000, exclusive of depreciation. These lipenses will be paid in cash Depreciation is budgeted at $2,000 for the month e The note payable on the Aprili 30 balance sheet will be paid during May, with $100 in interest (All of the Interest relates to May) 1 New refrigerating equipment costing $6,500 will be purchased for cash during May g. During May, the company wil borrow $20,000 from its bank by giving a new note payable to the bank for that amount The new note 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. Req 1 and 2 Req3 Reg 4 Req 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May 0 0 0