Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of Apri 3015 given below: The company is in the process of preparing a budget for May and has assembled the following data a. Sales are budgeted at $292.000 for May, Of these sales, $87,600 wil be for cash; the remainder will be credit sales, One-haif of a month's credit sales are coliected in the month the soles ore made, and the remainder is collected in the following month All of the April 30 accounts recelvable whi be collected in Moy. b. Purchases of inventory are expected to total $216.000 curing May These purchases wil all be on account forty percent of alf purchases are paid for in the month or purchase; the remainder are pald in the following month All of the Aprit 30 accounts payable to suppliers will be paid during May c. The Moy 31 inventory balance is budgeted at $72,500. d. Selling and administrative expenses for May ore budgeted at $82,200, exclusive of depreciotion. These expenses will be paid in cash. Depreclation is budgeted at $4.500 for the month e. The note pryable on the Apri 30 balance sbeetwil be paid curing May, with $375 in interest (A) of the interest relates to Moy? f New refrigerating equipment costing $7,100 wil be purchosed for cash ouring Moy 9. During May, the company will borrow $20,500 from its bank by glving o new note poyable to the bank for that amount. The new note will be due in one year. 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 indicated by a minus sign.) Prepare a budgeted income statement for May. Prepare a budgeted balance sheet as of May 31