Modem Company Balance Sheet April 30 Am Ca Acable Invedary Total Accounts payable Note payable Common stock Retained earnings $14,500 72,750 31,750 209,000 $328,000 $69,500 $16,000 180,000 Total cities and stockholders' equity 62.500 5328,000 The company is in the process of perparing a budget for May and has assembled the following data Sales are badgeted at $247,000 for May. Of these sales, $74,100 will be for cash, the remainder will be credit sales, One-half of a mouth's credit sales are collected in the mod the airs are made, and the semainder is collected in the following mouth All of the April 30 accounts receivable will be collected in May Purchases of inventory are expected to total $172,000 during May These purchases will all the co account. Forty percest of all parties are paid for in the mode of picha de minder e peid is the following month. All of the Apeil 30 accounts payable to suppliers will be paid during May The May 31 inventory balance is budgeted at $5,500 Selling and administrative expeties for May are budgeted at $87.600, esclave of depreciation These expenses will be paid in cash. Depreciation budged at 58,450 for the mo The note payable on the April 30 balance sheet will be paid during May, with 5400 as interest. LAll of the interest relates to May) New refrigerating equipment costing $13,400 will be purchased for cash during May During May, the copay will bearow $22.900 frons its bank by giving a www note payable to the bank for that wont. The new ite will be she in one year Required: (Back) Using the fimation provided, prepare the following The budgeted expected cash collections from customs for May 11 marka 2. The gated expected cash disbursements for erclados porchies for May. (1) 3. The ah bolgeted fie May 15 aloj Activate Windows