Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: MINDEN COMPANY Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common shares Retained earnings Total liabilities and stockholders' equity $ 9,100 77,250 40,000 239,000 $365,350 $ 79,750 12,300 180,000 93,300 $365,350 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $266,000 for May. Of these sales, $79,800 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 $170,000 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 $44,500. d. Selling and administrative expenses for May are budgeted at $81,900, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $6,450 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $140 in interest. (All of the interest relates to May.) f Now refrigerating coinment costing to conill ha murchand for each during May