hu, 59 minutes, 41 seconds Modems Coney as a wholele dissiber of peam Eropean chocolates. The company's balance that as of April 30 is given below Modem Company Balance Sheet April 30 Assets Cash Accounts receivable $14500 12.350 Leviney 31.750 Buildings and equipment, net of depreciation Total assets 209.000 $325.000 Lisbilities and Stockholders' Equity Accounts payable Note payable $49,500 $16.000 Connon stock Retained earnings 110,000 42,500 $328,000 Total liabilities and stockholders' equity The company is in the process of preparing a bodget for May and has asambled 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 see collected in the mouth the sales are made, and the remainder is collected in the following moath All of the April 30 accoasts receivable will be collected in May Purchases of investory are expected to total $172.000 dering May. These purchases will all be on acconat. Forty percent of all purchases are paid for in the mouth of purchase the remainder we paid in the following month. All of the April 30 seconats payable to suppliers will be paid during May The May 31 inveonory balance is budgeted at $58,500, Selling and administrative expenses for May are budgeted at $87.600, exchive of depreciation. These expenses will be paid in cach. Depreciation is bulgated at 16.350 for the The note payable on the April 30 balance sheet will be paid during May, with 5400 in interest (All of the interest relates to May) New refrigerating equipment costing $13,400 will be purchased for cash during May Daring May, the company will borrow $22,900 from its haak by giving a new note payable to the bank for that wount. The orw note will be due in one year Required: (8 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 marks) 3. The cash budgeted for May (5 marks] acer