Help Save Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows 2 NO COPY w Sheet 10 53.0 44.000 20.00 Assets Accounts receivable, customers Teventory buildings and woment, out of depreciation Total Lustine and Shareholdere Fousty Accounts ble suppliers te puyable Capital whes, no ar Total abities and shareholders' woulty 10,500 10,000 20 The company is in the process of preparing budget data for Moy. A number of budget toms have ready been preparet os fotos a Sales are budgeted at $200,000 for Many of these sales. $60,000 will be forcon the remainder we be credit sales. Onn half of a month's credit sales are collected in the month the sales are made and the remainder de collected in the following month. All of the April 30 receivables will be collected in May. D. Purchases of inventory are expected to total $120,000 during May. These purchases will all be on account 40% of all purchases are paid for in the month of purchase the remainderate pad 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. Operating expenses for May are budgeted at $72.000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2.000 for the month s. The note payable on the Apni 30 balance sheet will be paid during May.wim S100 in Interest (Al of the interest relates to May MyWohnsio Mar New refrigerating equipment costing $6,500 will be purchased for cash during May During Mily, the company wil borrow $20,000 from bank by giving a new note pale to the bank tot mount. The new note will be due in one year 10 Required: 1. Prepare a casti trateret for May (Any "Repoyments" and "Interest should be Indiented by a minus sign Touch an Dett Debut TOS Excits sur ang Help Seve Et Required: 1. Prepare a cash budget for May (Any Repayments and interest should be indicated by a minus sign) 2 10 Total cash Det be Teltlashdim Les of destraments Financing Tinand 2 2. Prepare a budgeted income statement for May com 10 Cestogos DO 2 3. Prepare a budgeted balance sheet as of May 1 Assets Liabilities and shareholders Equity Today