Cu Completion St Mars Compans is a whelesele distributor of penian Faropen decolaies. The carpany's bule sheet of April 38 is gives below AMEN Accou Bindings and optment, not of depreciation Tetala Latan Sekim tipay Note parabile Common Walk Madan Camperty Sheet A $145300 31.03 200 $4538 $15,000 13000 The company is in the pass of preparing a balget for Mep and he ombled the flewing $74,190 will be for cad and will be seles One-half of a mod audit sal in de k collected in the following moh All afthe April 30 accounts nocivable will be collected in bla a d 51720 month of puchas de Sales are budgeted at $247,000 for My Of de Pasts of in the lowed. Al af April 18py The May 31 try Islence in badged a $56,500 g Mep These passes will be macent Forty percent of all phases are paid for in t topples be paid d New gig $13,430 will be paid fun May Thang May, de megory wil beres $1200 tom in back by giving a new sote payable to the task for the The will be at your : Le pido prepare the following 1. The algal paketin 2. The balgeed expected cach Labas 1. The rashed fee May 15 markal sn for Map par May [1 cat] Modem Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained eamings Total liabilities and stockholders' equity Modern Company Balance Sheet April 30 $14,500 72,750 31,750 209,000 $ 328,000 $ 69,500 $16,000 180,000 62,500 5328,000 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $247,000 for May. Of these sales, $74,100 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. Purchases of inventory are expected to total $172,000 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. The May 31 inventory balance is budgeted at $58,500. Selling and administrative expenses for May are budgeted at $87,600, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at 56,850 for the month. The note payable on the April 30 balance sheet will be paid during May, with $400 in interest. (All of the interest relates to May:) New refrigerating equipment costing $13,400 will be purchased for cash during May. During May, the company will borrow $22,900 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: [0 marks] Using the information provided, prepare the following: 1. The budgeted expected cash collections from customers for May. [2 marks) 2. The budgeted expected cash disbursements for merchandise purchases for May. [1 mark] 3. The cash budgeted for May. [5 marks] For the toolbar.gress ALT+F10 (PC or ALTEN 10 (Mars