Minden Compary is a wholesale distributor of premisarn European chocolates. The company's balance sheet as of April 30 is given beiow The company is in the process of pieparing a budget for May and has assembled the followng data: a) Sales are budgeted at $296,000 for May, Or these sales, 588,800 will be for cash; the remainder will be credit sales. One-half of a menth's credit saies are colected in the month the cales are made, and the remainder is collected in the following month. All of the Apiliso accounts receivabie will be collected in May. b. Purchases of liventory are expected to total $192.000 during May. These purchases will all be on accourt. Forty percent of ail purchases are paid for in the month of purchase, the rema inder are poid in the foliowing month. All of the April 30 accourits poyable to suppliers will be pold during May C. The May 31 imvertory balance is budgeted at $51,500 a. Selling and adminietrative expenses for May are budgeted at $98700, exclusive of depreciation. These expenses wiil be paid in cash. Depreciation is budgeted at \$2:150 for the morith c. The note Doyabie on the April 30 balance sheet wal be paid during May, with $220 in interest. (All of the interest relates to May) f New retrigerating equipment costing $6.800 will be purchased for cash during May Q. During May, the combany wil boirow $23.200 from its bank by giving a new note payable to the bank for that amount The new note wil be due in one yeor? Required: 1. Caiculate the expected cosh collections fiom customers for May 2. Caiculate the expected cash disbursements for merchandse purchases for May 3. Prepare a cash buogec for May 4. Prepare o budgeted income stetement foc Moy. 5. Prepare o budgered balance sheet os of May s1