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 $ 9,400 Accounts receivable 78,500 Inventory 44,000 Buildings and equipment, net of depreciation 221,000 Total assets $ 352,900 Liabilities and Stockholders' Equity Accounts payable $ 72,000 Note payable 19,700 Common stock 180,000 Retained earnings 81,200 Total liabilities and stockholders' equity $ 352,900 The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $256,000 for May. Of these sales, $76,800 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. Purchases of inventory are expected to total $188,000 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. The May