Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet of 30 is given below: ander Company Balance Sheet April 30 Assets Cash Accounts receivable Tnventory Duildings and equiprent, net of depreciation Totalsts Habilities and Stockholders Equity Accounts payable Notepayable Como tock Retained warnings Total Labisities and stockholders equity 17,200 58,000 48,25 200 000 127,450 5.6 10,200 110,000 64250 302,450 The company is in the process of preparing a budget for May and has assembled the following data The company is in the process of preparing a budget for May and has assembled the following data: a Sales are budgeted at $253,000 for May. Of these sales, 575,900 will be for cash, the remainder will be credit sales. One-half of a month's credit sales are collected in the month the soles are made, and the remainder is collected in the following month All of the April 30 accounts receivable will be collected in May b. Purchases of inventory are expected to total $140,000 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 c. The May 31 Inventory balance is budgeted at $47.000 d Selling and administrative expenses for May ore budgeted at $93.000, exclusive of depreciation These expenses will be paid in Cash Depreciation is budgeted at $2.850 for the month The note payable on the Apr 30 balance sheet will be paid during May, with $300 in interest. All of the Interest relates to May) New refrigerating equipment costing $11,100 will be purchased for couh during May 9. During May, the company will borrow $25.400 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 4 Prepare a budgeted Income statement for May 5. Prepare a budgeted balance sheet as of May 31