Minden Compsny is 8 wholesale distributor of premium European chocolstes. The company's bolance sheet 8 s of April 30 is given below: The compony is in the process of preporing s budget for May and hos ossembled the following date: 6. Soles are budgeted at $254,000 for May. Of these sales, $76,200 will be for cash; the remsinder will be credit sales. One-half of a month's credit soles are collected in the month the sales are msde, and the remainder is collected in the following month. All of the April 30 sccounts receivable will be collected in May b. Purchsses of inventory sre expected to totsl $137,000 during Moy. These purchases will all be on sccount. Forty percent of all purchases are psid for in the month of purchsse; the remsinder are paid in the following month. All of the April 30 accounts poysbl to suppliers will be poid oluring May. c. The Moy 31 inventory bolance is budgeted ot $45,000. d. Selling and soministrative expenses for May are budgeted at $98,400, exclusive of deprecistion. These expenses will be poid in cash. Deprecistion is budgeted at $5,550 for the month. e. The note poyable on the April 30 bolance sheet will be psid during Moy, with $350 in intereat (All of the interest relates to May.) f. New refrigeroting equipment costing $8,700 will be purchssed for cash during Moy. 9. During May, the compony will borrow $27,400 from its bonk by giving a new note poysble to the bonk for that amount. The new note will be due in one year. Required: 1 Calculate the expected cash collections from customers for Moy. 2 Caiculate the expected cash disbursements for merchandise purchases for May. 3. Prepore s cosh budget for May. 4. Prepore o budgeted income statement for May. 5. Prepore a budgeted bolance sheet os of May 31 . 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. Prepare a cash budget for May. Note: Cash deficiency, repayments and interest should be indicated by a minus sign. Prepare a budgeted income statement for May. Prepare a budgeted balance sheet as of May 31