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

MINDEN COMPANY Balance Sheet April 30
Assets
Cash	$	13,000
Accounts receivable, customers		59,000
Inventory		33,000
Buildings and equipment, net of depreciation		227,000
Total assets	$	332,000
Liabilities and Shareholders Equity
Accounts payable, suppliers	$	69,000
Note payable		16,500
Capital shares, no par		200,000
Retained earnings		46,500
Total liabilities and shareholders equity	$	332,000

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 $400,000 for May. Of these sales, $120,000 will be for cash; the remainder will be credit sales. One-half of a months 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 $240,000 during May. These purchases will all be on account. 40% 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 $80,000.
d.	Operating expenses for May are budgeted at $144,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,000 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.	New refrigerating equipment costing $8,500 will be purchased for cash during May.
g.	During May, the company will borrow $40,000 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.	Prepare a cash budget for May. (Any "Repayments" and "Interest" should be indicated by a minus sign.)