Cash Budget J; Income Statement; Balance Sheet Juliette Company is a wholesale distributor of Italian opera recordings. The company's balance sheet as of April $30$ is given below: Juliette Company Balance Sheet April $30$ Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets $ $ $11,10072,50037,500238,000359,100$ Liabilities and Shareholders' Equity Accounts payable Note payable Common shares Retained earnings Total liabilities and shareholders' equity $ $ $68,00019,400180,00091,700359,100$ The company is in the process of preparing a budget for May and has assembled the following data: a$.$ Sales are budgeted at $$255,000$ for May. Of these sales, $$76,500$ 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 $$189,000$ during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April $30$ accounts payable to suppliers will be paid during May. d$.$ Seling a arministratial axes stora are budgeted at $593,600,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$6,250$ for the month. e$.$ The note payable on the April $30$ balance sheet will be paid during May, with $$370$ in interest. $($All of the interest relates to May.$)$ f$.$ New recording equipment costing $$8,600$ will be purchased for cash during May. g$.$ During May, the company will borrow $$29,500$ 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:

$1-$a$.$ Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases.

$1-$b$.$ Prepare a cash budget for May.

$2.$ Prepare a budgeted income statement for May.

$3.$ Prepare a budgeted balance sheet as of May $31.$

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