Minden Company is a wholesale distrbutor of premium Europe an chocolates. The company's balance sheet as of April 30 is given below The company is in the process of preponing a budger for Moy and hos assembled the following data: 0. Sales are budgeted ar $263,000 far May Or these sales $78,900 will be for cosh. the remainder will be credil sales, One half of a month's credit seles are collected in the month the sales ore mede, and the remoinder is collected in the following month. All of the Apti 30 accounts recelvable will be collected in May b. Purchases of inventory ore expected to tota $193,000 during May. These purchases will all be on account Ferty percent of all purchases are paid for in the month of purchose, the rema nder are poid in the following month. All of the April 30 accounts payable to suppliers wili be paid ouring May. c. The May 31 inveritory belance is budgeted a: $63,000 d. Seling and odininistrotive expenses for May ore budgoted at \$73.200. exclusive of depreciation. These expenses will be paid in cosh Depreciotion is budgeted ot $4.650 for the month 9. The note payoble on the Api 130 belonce sheet will be poid during May. wht $210 in interest. (All of the interest relates to May) I New refrigerating equipment costing $11,900 w il be purchosed for cash during May 9. Our ng Moy, the compony will borrow $27,200 from ts bank by giving a new note poyable to the bank for that omount The new note witbe due in one year. Required! 1 Colculate the rxpected cosh collections from cunromers for May. 2 Colculate the expected conh disbureentents for merchand se purchases for Moy 3. Prepore o cosh budgen for May 4. Prepere o budgeted income stotement for May, 5 Frepare o budgeted balence sheet os of May 3 I Complete this question by entering your answers in the tabs below. 1. Calculate the expected casir collectlons from customers for May, 2. Calculate the expected cash disbursements for merchandise purchases for May, Complete this question by entering your answers in the tabs below. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indlcated by a minus sloni) Prepare a budgeted income statement for May. Prepare a budgeted balance sheet as of May 31