Minden Cornpany is a wholesale distributor of premlum European chocolates. The company's balance sheet as of April 30 is given belowi The compary is in the process of preparing a budget for Maypand has assembled the following data: a. Sales are budgeted at $241,000 tor May. Or these sales, $72,300 wal 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 mode, and the remeinder is collected in the following month. All of the April 30 accounts recelvable will be collected in May b. Purchases of inventory ore expected to total $191,000 during Moy. These purchases will all be on occount. Forty percent of al purchases are poid for in the month of purchase, the remainder are poid in the following month. Al of the April 30 accounts poyabio to suppliers will be poid during May. c. The May 3 tinventory balance is budgeted at $86,000 d. Selling and administrative expenses for May ore budgeted at $76,200, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $5,300 for the month. e. The note payoble on the Aprit 30 balance sheet will be paid during May, with $170in interest. (All of the interest relates to May) 1. New retrigerating equlpment casting $6,600 will be purchased for cash during May. 9. During May, the company will borrow $27,000 from its bank by giving a new note payable to the bank for that amount. The now note wil be due in one yeat. 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 collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May