Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given 3 below Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreclation217,000 Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings 8 0336 58 14,300 55,750 49,250 336,300 $ 65,000 16,500 180,000 74,800 336, 300 Total 1iabilities and atockholders equity The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $292,000 for May. Of these sales, $87600 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