Minden Company is a wholesale distributor of premium Europcan chocolates. The company's balance shect as of April 30 is given below Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation 207,000 Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 9,000 54,000 30,000 $300,000 63,000 14,500 180,000 42,500 S300,000 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $200,000O for May. Of these sales, $60,000 wil he 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 Apr 30 accounts receivable will he collected in May b. Purchases of inventory are expected to total $120,000 during May. These purchases will all be on account. Forty percent of al 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 ll be paid during May c. The May 31 inventory balance is budgeted at $40,000 d. Selling and administrative expenses for May are budgeted at $72,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at S2,000 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $100 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $6,500 wl be purchased for cash during May g. During May, the company will borrow $20,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year Required: 1. Calculate the expccted cash collections for May 2. Calculate the expected cash disbursements for merhandise purchases for May 3. Prepare a cash budget for May 4. Using Schedule 9 as your guide, prepare a budgeted income statement for May 5. Prepare a budgeted balance sheet as of May 31