Minden Company is a wholesale ditributor of premium European chocolates. The company's balance sheet as of Aptil 30 is given below The company is in the process of preparing a budget for May and has assembled the foliowing data: a Sales are budgeted at 5238,000 for May Or these sales, 57,400 wil be for cast; the remainder wil be creda sales. One-half of a monthrs credit sales are collected in the month the sales are made, and the remainder is colbected in the following month. All of the April 30 accounts recelvable wal be collected in May b. Purchases of inventory are expected to total $124,000 duning Moy. These purchases will all be on account. Forty percent of all purchoses are pald for in the month of purchase, the remainder are paid in the following month. Ali of the Apni Jo accounts payable to nupplers wa be paid during May c. The May 31 invemory balance is budgeted at $24.000. d. Selling and administrative expenses for May are budgeted at $86500, exctusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $4,450 for the month. E. The note payable on the Apri 30 balance sheot wail be paid during Max, with $400 in interest (All of the interest relates to May) C. New retrigerating equipment costing $15300 wal be purchased for cash during Moy 9. During Moy, the company will borow $23,800 trom its bank by giving a now note poybble to the bank for that amount. The new note wal 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. Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash coliections from customers for May. 1. Caiculate the expected cash coliections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. Minden Company is a wholesale ditributor of premium European chocolates. The company's balance sheet as of Aptil 30 is given below The company is in the process of preparing a budget for May and has assembled the foliowing data: a Sales are budgeted at 5238,000 for May Or these sales, 57,400 wil be for cast; the remainder wil be creda sales. One-half of a monthrs credit sales are collected in the month the sales are made, and the remainder is colbected in the following month. All of the April 30 accounts recelvable wal be collected in May b. Purchases of inventory are expected to total $124,000 duning Moy. These purchases will all be on account. Forty percent of all purchoses are pald for in the month of purchase, the remainder are paid in the following month. Ali of the Apni Jo accounts payable to nupplers wa be paid during May c. The May 31 invemory balance is budgeted at $24.000. d. Selling and administrative expenses for May are budgeted at $86500, exctusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $4,450 for the month. E. The note payable on the Apri 30 balance sheot wail be paid during Max, with $400 in interest (All of the interest relates to May) C. New retrigerating equipment costing $15300 wal be purchased for cash during Moy 9. During Moy, the company will borow $23,800 trom its bank by giving a now note poybble to the bank for that amount. The new note wal 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. Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash coliections from customers for May. 1. Caiculate the expected cash coliections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May