oW. Minden Company Balance Sheet April 30 ssets ash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets $ 9,600 54,750 53,750 214,000 332,100 Liabilities and Stockholders Equity Accounts payable Note payable Common stock Retained earnings $ 70,500 18,100 180,000 63,500 332,100 Total liabilities and stockholders equity e company is in the process of preparing a budget for May and has assembled the following Sales are budgeted at $257,000 for May Of these sales, $77,100 will be for cash; the remaind month's credit sales are collected in the month the sales are made, and the remainder is colle April 30 accounts receivable will be collected in May Purchases of inventory are expected to total $121,000 during May. These purchases will all be purchases are paid for in the month of purchase; the remainder are paid in the following mont to suppliers will be paid during May . The May 31 inventory balance is budgeted at $31,000