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Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash $12,000 Accounts receivable 77,500 Inventory 42,000 Buildings and equipment. net of 225,000 depreciation Total assets $356'500 Llabllltles and Stockholders' Equity Accounts payable $78,250 Note payable 19,300 Common stock 180'000 Retained earnings 73,950 356,500 Total liabilities and stockholders' equity $ The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $231,000 for May. Of these sales, $69,300 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 $139,000 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 $55,000. . Selling and administrative expenses for May are budgeted at $83,400, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $6,200 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $155 in interest. (All of the interest relates to May.) f New refrigerating equipment costing $12,500 will be purchased for cash ' during May. g. During May, the company will borrow $24,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. CLO Required: Required: 1-a.Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases. Cash salesMay Collections on account receivable: April 30 balance Total cash receipts April 30 accounts payable balance May purchases Total cash payments 1-b.Prepare a cash budget for May. (Cash deflclency, repayments and Interest should be lndlcated by a mlnus sign.) Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative ex- nses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: Bonowingnote Repaymentsnote Interest Total nancing Ending cash balance