Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows. MINDEN COMPANY Balance Sheet Ar 30 Assets Cash $ 13,00 Accounts receivable, customers 59,800 33,00 buildings and equipment, net of depreciation 227.000 Total assets $332,000 Liabilities and Shareholders Equity Accounts payable, suppliers $19.000 Note payable 16,500 Capital shares, no par Betained in 200,000 46,500 Total liabilities and shareholders' equity $332,000 Capital shares, no par Retained earnings Total abilities and shareholders' equity 10,500 200,000 46,500 $332,000 The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as follows: a. Sales are budgeted at $400,000 for May. Of these sales, $120,000 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. b. Purchases of inventory are expected to total $240.000 during May. These purchases will all be on account 40% 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 c The May 31 inventory balance is budgeted at $80.000 d Operating expenses for May are budgeted at $144.000 exclusive of depreciation. These expenses will be paid in cash The nate payable on the April 30 balance sheet will be paid during May, with S140 in interest. (All of the Interest relates to May) New refrigerating equipment costing $8,500 will be purchased for cash during May During May, the company will borrow $40,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year hits bank by giving a new note payable to the bank for that am note will be due in one year, Required: 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 DeductDisbursements 0 Total cash disbursements Excess of receipts over disbursements Financing O Mc 3 MINDEN COMPANY Cash Budget For the Month Ended May 31 Total cash available Deduct Disbursements 0 Total cash disbursements Excess of receipts over disbursements Financing Taaranding 0 2. Prepare a budgeted income statement for May MINDEN COMPANY Budgeted Income Statement For the Month Ended May 31 Cost of goods sold Goods available for sale 0 Contot goods sold 3. Prepare a budgeted balance sheet as of May 31, 3 MINDEN COMPANY Budgeted Balance Sheet as of May 31 Assets Total assets $ 0 Liabilities and Shareholders' Equity Totales and shareholders equity 5 0