Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April $30$ is given below:Minden CompanyBalance SheetApril $30$Assets Cash$ $11,100$Accounts receivable$72,500$Inventory$37,500$Buildings and equipment, net of depreciation$238,000$Total assets$ $359,100$Liabilities and Stockholders Equity Accounts payable$ $68,000$Note payable$19,400$Common stock$180,000$Retained earnings$91,700$Total liabilities and stockholders equity$ $359,100$The company is in the process of preparing a budget for May and assembled the following data:Sales are budgeted at $$255,000$ for May. Of these sales, $$76,500$ 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 $30$ accounts receivable will be collected in May.Purchases of inventory are expected to total $$189,000$ during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April $30$ accounts payable to suppliers will be paid during May.The May $31$ inventory balance is budgeted at $$77,500.$Selling and administrative expenses for May are budgeted at $$93,600,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$6,250$ for the month.The note payable on the April $30$ balance sheet will be paid during May, with $$370$ in interest. $($All of the interest relates to May.$)$New refrigerating equipment costing $$8,600$ will be purchased for cash during May.During May, the company will borrow $$29,500$ 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:For May:Calculate the expected cash collections from customers.Calculate the expected cash disbursements for merchandise purchases.Prepare a cash budget.Prepare a budgeted income statement.Prepare an end$-$of$-$month budgeted balance sheet.