Minden Company is a wholesale distributor of premium European chocolates. The company's bat sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash .9,000 Accounts receivable .54,000 Inventory .30,000 Buildings and equipment, net of depreciation .207,000 Total assets .300,000 Liabilities and Stockholders' Equity Accounts payable .63,000 Note payable .14,500 Capital stock, no par .180,000 Retained earnings .42,500 Total liabilitiesand stockholders' equity .300,000 The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as stated below: a. Sales are budgeted at $200,000 for May. Of these sales, $60,000 will be 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 April 30 accounts receivable will be 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 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. 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 $2,000 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 will 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: l. Prepare a cash budget for May. Support your budget with a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases. 2. Prepare a budgeted income statement for May. Use the absorption costing income statement format as shown in Schedule 9. Schedule 9: Schedules Sales 1 2,000,000 Cost of Goods Sold 1, 6 1,300,000 Gross Margin 700,000 Selling and administrative expenses 7 576,000 Net Operating Income 124,000 Interest Expenses 8 21,900 Net Income 102,100 3. Prepare a budgeted balance sheet as of May 3l. Please answer in this format Thanks.. Schedule of cash receipts: . Cash sales-May . Collections on account receivable: April 30 balance . May sales (??% x $?????) . Total cash receipts . Schedule of cash payments for purchases: April 30 accounts payable balance . May purchases (??% x $?????) . Total cash payments . Minden Company Cash Budget For the Month of May Cash balance, beginning . Add receipts from customers (above) . Total cash available . Less disbursements: Purchase of inventory (above) . Selling and administrative expenses . Purchases of equipment . Total cash disbursements . Excess of receipts over disbursements . Financing: Borrowing-note . Repayments-note . Interest . Total financing . Cash balance, ending . Minden Company Budgeted Income Statement For the Month of May Sales . Cost of goods sold: Beginning inventory . Add purchases . Goods available for sale . Ending inventory . Cost of goods sold . Gross margin . Selling and administrative expenses ($????? + $???) . Net operating income . Interest expense . Net income . 3. Minden Company Budgeted Balance Sheet May 31 Assets Cash . Accounts receivable (??% x $?????) . Inventory Buildings and equipment, net of depreciation ($??????+ $???? - $????) . Total assets . Accounts payable (??% x??????) . Note payable . Capital stock . Retained earnings ($????? + $?????) . Total liabilities and equity