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$ $16,500$Accounts receivable$67,000$Inventory$32,000$Buildings and equipment, net of depreciation$249,000$Total assets$ $364,500$Liabilities and Stockholders Equity Accounts payable$ $68,750$Note payable$20,500$Common stock$180,000$Retained earnings$95,250$Total liabilities and stockholders equity$ $364,500$ The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $$241,000$ for May. Of these sales, $$72,300$ 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 is collected in the following month. All of the April $30$ accounts receivable will be collected in May.Inventory purchases are expected to total $$191,000$ during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April $30$ accounts payable to suppliers will be paid during May. The May $31$ inventory balance is budgeted at $$86,000.$Selling and administrative expenses for May are budgeted at $$76,200,$ excluding depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$5,300$ for the month.New refrigerating equipment costing $$6,600$ will be purchased for cash during May.The note payable on the April $30$ balance sheet will be paid during May, with $$170$ in interest. $($All of the interest relates to May.$)$During May, the company will borrow $$27,000$ from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required:$1.$ Calculate the expected cash collections from customers for May. $2.$ Calculate the expected cash disbursements for merchandise purchases for May. $3.$ Prepare a cash budget for May. $($Hint: In the financing section, make sure to denote cash outflows as negative numbers. In the cash disbursements section, the cash outflows should be written as positive numbers. I know this seems counterintuitive $-$ accountants tend to write costs as positive numbers if they are listed in a section of the financial statements that is already labeled as "costs" or "expenses" or "disbursements" because then you know they are all outflows. But in a section where inflows and outflows are mixed, like in the financing section, they make the outflows negative numbers.$)4.$ Prepare a budgeted income statement for May. $($Hint: here, the interest payment will have a positive sign. Another hint: Remember from ACTG $211$ that Cost of Goods Sold $=$ beginning inventory account balance $+$ inventory purchase cost $-$ ending inventory account balance.$)5.$ Prepare a budgeted balance sheet as of May $31.($Hint: You won't need every line on the worksheet. There should be four 'asset' items and four 'liability and owners' equity' items, matching the categories in the beginning balance sheet above. Another hint: Remember from ACTG $211$ that "Buildings and Equipment, net of depreciation" is increased every month by any new building or equipment purchases, and decreased by any depreciation. May depreciation is given in part d above.$)$