e. The note payable on the April 30 balance sheet will be paid during May, with $565 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $6,700 will be purchased for cash during May. g. During May, the company will borrow $25,300 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 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 Req 4 Req 5 1. Calculate the expected cash collections for May 2. Calculate the expected cash disbursements for merchandise purchases for May Total cash collections Total cash disbursements Req 1 and 2 Req 3> Req 1 and 2 Req 3 Req 4 Req 5 Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Minden Company Cash Budget For the Month of May Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing Borrowing-note Repayments-note Interest Total financing Ending cash balance KReq 1 and 2 Req 4 Req 1 and 2 Req 3 Req 4 Req 5 Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May K Req 3 Req 6 Req 1 and 2 Req 3 Req 4 Req 5 Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity KReq 4 Req 5