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 Apnt 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of deprecation Total assets Llabilities and Stockholders Equity Accounts payable Note payable Common stock Reta ned Total liabilities and stockholders equity 15.000 37.750 222.000 282.750 81.500 180,000 302.750 The company is in the process of preparing a budget for May and has assembled the follorang data a Sales are budgeted at 294,000 for May these sales 83,200 vll for cash the remainder will be credit salesOne-half of a month's credit sales are colected 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 11 000 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 of the April 30 accounts payable to suppliers will be pad during May The May 31 inventory balance is budgeted at $ 77 000 d. Selling and administrative expenses for May budgeted at 96 900, exdusive of depreciation These expenses vall be paid in cash Depreciation is budgeted 000 the month e. The note payable on the April 30 balance sheei be paid during May $in interest (of the interest relates to May) New refrigerating equipment costing 300 will be purchased for cash May During Maythe company 20.900 its bank a new note payable to the bank for that amount note will be due in one year. Required: 1. Calculate the expected cash collections from customers Calcu ate the expected cash disbursements for merchandise purchases for May 3. Prepare a cash budget for May Prepare a budgeted income statement for May 5 Prepare a budgeted balance sheet as of