minaen company is a wholesale distnoutor or premium turopean chocolates. I he company s balance sneet as of April zu is given below:

$\backslash$table$[[\backslash$table$[[$Minden Company$],[$Balance Sheet$],[$April $30]],,],[$Assets$,,],[$Cash$,,18,500],[$Accounts receivable,,$58,500],[$Inventory$,,40,750],[$Buildings and equipment, net of depreciation,,$202,000],[$Total assets,$$,319,750],[$Liabilities and Stockholders' Equity,,$],[$Accounts payable,,$67,750],[$Note payable,,$15,800],[$Common stock,,$180,000],[$Retained earnings,,$56,200],[$Total liabilities and stockholders' equity,$$,319,750]]$

The company is in the process of preparing a budget for May and has assembled the following data:

a$.$ Sales are budgeted at $$263,000$ for May. Of these sales, $$78,900$ 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 May.

b$.$ Purchases of inventory are expected to total $$193,000$ 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.

c$.$ The May $31$ inventory balance is budgeted at $$63,000.$

d$.$ Selling and administrative expenses for May are budgeted at $$73,200,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$4,650$ for the month.

e$.$ The note payable on the April $30$ balance sheet will be paid during May, with $$210$ in interest. $($All of the interest relates to May$)$

f$.$ New refrigerating equipment costing $$11,900$ will be purchased for cash during May.

g$.$ During May, the company will borrow $$27,200$ from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.

Required:

Calculate the expected cash collections from customers for May.

Calculate the expected cash disbursements for merchandise purchases for May.

Prepare a cash budget for May.

Prepare a budgeted income statement for May.

Prepare a budgeted balance sheet as of May $31.$