Mail ( of sheet as of April 30 is given below April 30 $ 17,200 58,000 48,250 204,000 Accounts receivable $327,450 Liabilities and Stockholders' Equity Accounts payable Note payable $ 67,000 16,200 180,000 64,250 Retained eamings $ 327,450 The company is in the process of preparing a budget for May and has assembled the following data: a Sales are budgeted at $253,000 for May. Of these sales, $75,900 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 b. Purchases of inventory are expected to total $140,000 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 payable to suppliers will be paid during May c. The May 31 inventory balance is at $47,000 d. Selling and administrative e. The note payable on the Apri 30 balance sheet will be paid during May, with $300 in interest. (All of the t. New 9. During May, the company will borrow $25,400 from its bank by giving a new note payable to the bank for for May are budgeted at $93,000, exclusive of depreciation. These will be paid in cash to May) interest costing $11,100 will be purchased for cash during May. that amount. The new note will be due in one year