Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is 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 $253,000 for May. Or these sales, $75,900 will be for casht 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 April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $140,000 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 poid in the following month. All of the April 30 accounts payabie to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $47,000. d. Selling and administrative expenses for May are budgeted at $93,000, excluslve of depreciation. These expenses will be paid in cash, Depreciation is budgeted at $2,850 for the month. e. The note payable on the April 30 bolance sheet will be paid during May, with $300 in interest. (All of the interest relates to May.) 4. New refrigerating equipment costing \$11100 will be purchased for cash during May, 9 Ouring May, the company will borrow $25.400 from its bank by giving a new note payable to the bank for that amount. The new note will be duo in one yeat. 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 a budgeted balance sheet as of May 31 . Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash coliections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May