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 30Assets Cash$ 15,100Accounts receivable74,750Inventory51,750Buildings and equipment, net of depreciation233,000Total assets$ 374,600Liabilities and Stockholders Equity Accounts payable$ 74,000Note payable11,500Common stock180,000Retained earnings109,100Total liabilities and stockholders equity$ 374,600 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $275,000 for May. Of these sales, $82,500 will be for cash; the remainder will be credit sales. One-half of a months credit sales are collected in the month the sale