Minder Company is a wholesale distributor of premlum European chocolates. 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 assembled the following data: a. Sales are budgeted at $262.000 for May. Of these sales, $78,600 will be for casit; 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 are collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $196,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month 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 $84,000. d. Selling and administrative expenses for May are budgeted at $87,300, exclusive of depreciation. These expenses will be paid in cash. Depreclation is budgeted at $6,400 for the month. e. The note payable on the Apri 30 balance stieet will be paid during May, with $550 in interest. (All of the interestrelates to May) Prepare a budgeted income statement for May. Cash, Depreciation is budgeted at $6,400 for the month. e. The note payable on the April 30 balance sheet wil be paid during May, with $550 in interest. (All of the interest relates to May) f. New refrigerating equipment costing $13,000 will be purchased for cash during May. 9. During May, the company will borrow $28,900 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required: For May: 1. Calculate the expected cash collections from customers. 2. Calculate the expected cash disbursements for merchandise purchases. 3. Prepare a cash budget. 4. Prepare a budgeted income statement. 5. Prepare an end-of-month budgeted balance sheet. 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 Mor. Prepare a cash budget for May. Note: Cash deficiency, repayments and interest should be Indicated by a minus sian. Prepare an end-of-month budgeted balance sheedas of May 31