Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April $30$ is given below:Minden CompanyBalance SheetApril $30$Cash$ $9,500$Accounts receivable$56,500$Inventory$53,250$Buildings and equipment, net of depreciation$234,000$$ $353,250$Liabilities and Stockholders' EquityAccounts payable$ $79,000$Note payable$20,000$Common stock$180,000$Retained earnings$74,250$Total liabilities and stockholders' equity$ $353,250$The company Is in the process of preparing a budget for May and has assembled the following data:a$.$ Sales are budgeted at $$299\mathrm{.}000$ for May. Of these sales, $$89,700$ will be for cash; the remainder will be credit sales. One$-$half of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the April $30$ accounts receivable will be collected in May.b$.$ Purchases of Inventory are expected to total $$169,000$ 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 pald 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 $$42,000.$d$.$ Selling and administrative expenses for May are budgeted at $$89,700,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$2,250$ for the month.e$.$ The note payable on the April $30$ balance sheet will be pald during May, with $$320$ in Interest. $($All of the interest relates to May.$)$f$.$ New refrigerating equipment costing $$7,200$ will be purchased for cash during May.g$.$ During May, the company will borrow $$25,200$ 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 for May$\mathrm{.}2.$ Calculate the expected cash disbursements for merchandise purchases for May$\mathrm{.}3.$ Prepare a cash budget for May$\mathrm{.}4.$ Prepare a budgeted income statement for May$\mathrm{.}5.$ Prepare a budgeted balance sheet as of May $31.$