Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of Apie 30 in given below Minden Company Balance Sheet April 30 Assets Cash $ 9,000 Accounts receivable 54.000 Inventory 30.000 Buildings and equipment, net of depreciation 207.000 Total assets 300,000 Liabilities and Stockholders' Equity Accounts payable S 63.000 Note payable 14.500 Common stock 180.000 Retained earnings 42.500 Total abilities and stockholders equity 5 300.000 $ The company is in the process of preparing a budget for May and has assembled the following data Sates are budgeted a $200,000 for May. Of these sales, $60.000 will be for cast, the remainder will be credt sales. One hallota 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 Apni 30 accounts receivable will be collected in May D. Purchases of inventory are expected to total 120.000 during May. These purchases wit all be on account Forty percent of an purchases are paid for in the month of purchase the remainder are paid in the folowing 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 a Selling and administrative expenses for May are budgeted at 572.000, exclusive of depreciation. These expenses will be paid in cash, Depreciation is budgeted at $2.000 for the month The note payable on the April 30 balance sheet will be paid during May wen $100 in interest (At of the interest relates to May 9 Duning May the company will borrow $20.000 from is bank by giving a new note payable to the bank for that amount. The new note wit be due in one year Required: 1. Calculate the expected cash collections from customers for May 2 Calculate 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 May 31