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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: The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as stated below: a. Sales are budgeted at $279.000. Of these sales. $65.000 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 $198.000 during May. These purchases will all be on account. Sixty 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. c. The May 31 inventory balance is budgeted at $31.000. d. Selling and administrative expenses for May are budgeted at $31.000. exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4.000 for the month. e The note payable on the April 30 balance sheet will be paid during May. with $700 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $9.000 will be purchased for cash during May. g. During May. the company will borrow $21.000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Requirement 1: (a) What is the expected cash receipts from sales and the expected cash payments for merchandise purchases? (Omit the "$" sign in your response.) (b) Compute the following for the month May. (Hint: Prepare your answer using the layout of a Cash Budget ) (Deficiencies should be preceded by a minus sign when appropriate. Input all amounts as positive values. Omit the "$" sign in your response.)