Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet on April 30 is as follows:

MINDEN COMPANY Balance Sheet April 30
Assets
Cash	$	16,600
Accounts receivable, customers		63,500
Inventory		35,700
Buildings and equipment, net of depreciation		245,000
Total assets	$	360,800
Liabilities and Shareholders Equity
Accounts payable, suppliers	$	74,400
Note payable		18,300
Capital shares, no par		218,000
Retained earnings		50,100
Total liabilities and shareholders equity	$	360,800

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 $580,000 for May. Of these sales, $174,000 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 receivables will be collected in May.
b.	Purchases of inventory are expected to total $348,000 during May. These purchases will all be on account. 30% 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 $116,000.
d.	Operating expenses for May are budgeted at $208,800, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,800 for the month.
e.	The note payable on the April 30 balance sheet will be paid during May, with $130 in interest. (All of the interest relates to May.)
f.	New refrigerating equipment costing $10,300 will be purchased for cash during May.
g.	During May, the company will borrow $58,000 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.	Prepare a cash budget for May. (Any "Repayments" and "Interest" should be indicated by a minus sign.)

2.	Prepare a budgeted income statement for May.

3.	Prepare a budgeted balance sheet as of May 31.