Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given below:

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:

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 months 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.

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.

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

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.

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.)

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

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.

Total cash collections Total cash disbursements Minden Company Cash Budget For the Month of May Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: \begin{tabular}{|l|l|} \hline Borrowing-note & \\ \hline Repayments-note & \\ \hline Interest & \\ \hline Total financing & \\ \hline Ending cash balance & \\ \hline \end{tabular} Minden Company Budgeted Balance Sheet \begin{tabular}{|l|l|} \hline May 31 \\ \hline & Assets \\ \hline Lotal assets \\ \hline Liabilities and Stockholders' Equity \\ \hline Total liabilities and stockholders' equity \\ \hline \end{tabular}