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 36 Assets Cash $ 9,666 Accounts receivable 54,666 Inventory 36,666 Buildings and equipment, net of depreciation 267,666 Total assets $ 366,666 Liabilities and Stockholders' Equity Accounts payable $ 63,666 Note payable 14,566 Common stock 186,666 Retained earnings 42,566 Total liabilities and stockholders' equity $ 3991999 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $200,000 for May. Ofthese sales, $60,000 will be for cash; the remainder will be credit sales. Onehalf of a month's credit sales are collected in the month the sales are mad , and th r maind r is coll ct d in the following month. All ofthe 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 tor 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: 1. Calculate the expected cash collections from customers tor 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. Req 1 and 2 Required 3 Required 4 Required 5 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. Total cash collections Total cash disbursementsReq 1 and 2 Required 3 Required 4 Required 5 Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Minden Company Cash Budget For the Month of May Beginning cash balance Add collection from customers Total cash available Less cash disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: Borrowing-note Repayments-note Interest Total financing Ending cash balanceReq 1 and 2 Required 3 Required 4 Required 5 Prepare a budgeted income statement for May. Req 1 and 2 Required 3 Required 4 Required 5 Prepare a budgeted balance sheet as of May 31. Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity