Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April $30$ is as follows:

MINDEN COMPANY

Balance Sheet

April $30$

Assets

Cash

Accounts receivable, customers

Inventory

Buildings and equipment, net of depreciation

Total assets

Liabilities and Shareholders' Equity

Accounts payable, suppliers

Note payable

Capital shares, no par

Retained earnings

Total liabilities and shareholders' equity

$ $10,200$

$55,500$

$30,900$

$213,000$

$$309,600$

$ $64,100$

$186,000$

$43,700$

$$309,600$

The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as follows:

a$.$ Sales are budgeted at $$260,000$ for May. Of these sales, $$78,000$ 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 are collected in the following month. All of the April $30$ receivables will be collected in May.

b$.$ Purchases of inventory are expected to total $$156,000$ during May. These purchases will all be on account. $30\%$ 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 $$52,000.$

d$.$ Operating expenses for May are budgeted at $$93,600,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$2,600$ for the month.

e$.$ The note payable on the April $30$ balance sheet will be paid during May, with $$70$ in interest. $($All of the interest relates to May.$)$

f$.$ New refrigerating equipment costing $$7,100$ will be purchased for cash during May.

g$.$ During May, the company will borrow $$26,000$ from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.