Minden Company is a wholesale distributor of premium European chocolotes. The company's balance sheet as of April 30 is given below: The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $256,000 for May, Of these sales, $76,800 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 recelvable will be colfected in Moy. b. Inventory purchases are expected to total $188,000 during May. Thtse purchases will all be on account. Forty percent of all purchases are paid for in the menth 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 $83,000. d. Selling and administrative expenses for May are budgeted at $91,500, excluding depreciation, These expenses will be paid in cash. Depreciation is budgeted at $4,000 for the month. e. New refrigerating equipment costing $7,000 will be purchased for cash during May f. The note payable on the April 30 balance sheet will be paid during May, with $435 in interest. (All of the interest relates to May) 9. During May, the company will borrow $23100 from its bank by giving a now 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 outfows as negative numbers. In the cash disbursements section, the cash outfiows should be written as positive numbers. I know this seemis countorintuitive accountants tend to write costs as positive numbers if they are fisted in a section of the financial statements that is aiready labeled as "costs" or "expenses" or "disbursements" because then you know they are all outfiows. But in a section where inflows and outflows are mixed, fike in the financing section, they make the outflows negative numbers.) 4. Prepare a budgeted income statement for May. (Hint: heve, the interest payment wil have a positive sign Another hint: Remember from ACTG 2t1 that Cost of Goods Sold = beginning inventory account balance + inventory purchase cost - ending imventory account baiance) 5. Prepare a budgeted balance sheet as of May 31. (Hint: You wont need every line on the worksheet. There should be four 'asset' iterns and four Wabuty and owners' equily iteans, matching the catogorios in the beginning balance sheet above. Another hint: Remember from ACTG 211 that "Buildings and Equipmont, net of depreciation" is increased every month by any new building or cquipment purchases, and decreased by any depreciation. May depreciation is given in part dibove) Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May