Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MENDEN COMPANY Balance Sheet horlt so Assets Cash Accounts receivable, customers Inventory wines and equipment, net or depreciation Total asset Llabilities and Shareholders' Equity Accounts payable, suppliers Biote payablo Capital shares, por Retne warnings Total liabilities and shareholdersity 5.12.200 50,000 32,600 221.D $ 67,500 26.100 195.000 45,200 $325.140 The company is in the process of preparing budget data for May A number of budget items have already been prepared, as follows w Sales are budgeted at $360,000 for May of these sales, $108.000 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. D. Purchases of inventory are expected to total $216.000 during Moy These purchases will all be on account 40% of all purchases are peld for in the month of purchase the remainder wepold in the following month. All of the April 30 occounts payable to suppliers will be paid duting May The May 31 inventory boloncel budgeted at $72,000. d. Operating expenses for May are budgeted at $129.600 exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $3,600 for the month e. The note payable on the April 30 balance sheet will be paid during May. With $120 in interest. All of the interest relates to May New refrigerating equipment costing S8.100 will be purchased for cash during May a Duna May, the company wil borrow $36.000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year 1. Prepare a cash budget for May (Any "Repayments and Interest" should be indicated by a minus sign.) MINDEN COMPANY Cash Budget For the Month Ended May 31 Total cash available Deduct Disbursements Total cash disbursements Excess of receipts over disbursements Financing Totalinance 2. Prepare a budgeted Income statement for May. MINDEN COMPANY Dudgeted Income Statement For the Month Ended May 31 Cost of goods sold Goods available for sale Cost of goods sold 3. Prepare a budgeted balance sheet as of May 31 MINDEN COMPANY Budgeted Balance Sheet as of May 31 Assets Total assets Liabilities and Shareholders' Equity Total babies and shareholders equity