Minden Company is a wholesale distrbutor of premium European chocolates. The company's balance sheet as of Aprit 30 is given below: The compary is in the process of prepaing a budget for May and has assembled the following data: 3. Sales are budgeted at $200,000 for May. Of theses sales, $60,000 will be for caste the remainder will be credil malas. One bait of a month's credit sales are collected in the month the sales are mode, and the remainder is collected in the following roaith Al of the April 30 accounts recilvable wall be collected in May. b. Purchases of inventory are expected to total $120.000 during May. These purchases will all be on account forty pergent of all purchases are poid for in the month of purchase, the temainder are poid in the following month. All of thei Apil a0 accoxints pisyable: to suppliers will be paid during Maya c. The May 31 inventory balance is budgeted at $40,000 d. Selling and administrative expenses for Moy are budgeted at $72000. exclusive of depreciaton. These copenses will be boid in cash. Depreclation is budgeted at $2.000 for the month. e. The note paryable on the Apeil 30 balance sheet will be pala dising May, with $100 in interest. Will of the interest ielaters to Moyt cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $100 in int f. New refrigerating equipment costing $6,500 will be purchased for cash during May. g. During May, the company will borrow $20,000 from its bank by giving a new note payal note will be due in one year. Required: 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted income statement for May. 5. Prepare albudgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be Complete this question by entering your answers in the tabs below. Prepare a budgeted income statement for May. Prepare a budgeted balance sheet as of May 31