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Refer to the data for Minden Company in Problem 8-19. The company is considering making the following changes to the assumptions underlying its master budget 1. Sales are budgeted for $220,000 for May. 2. Each month's credit sales are collected 60% in the month of sale and 40% in the month following the sale. 3. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All other information from Problem 8-19 that is not mentioned above remains the same. Required: Using the new assumptions described above, complete the following requirements: 1. Calculate the expected cash collections for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Using Schedule 9 as your guide, prepare a budgeted income statement for May. 5 . Prepare a budgeted balance sheet as of May 31 Refer to the data for Minden Company in Problem 8-19. The company is considering making the following changes to the assumptions underlying its master budget 1. Sales are budgeted for $220,000 for May. 2. Each month's credit sales are collected 60% in the month of sale and 40% in the month following the sale. 3. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All other information from Problem 8-19 that is not mentioned above remains the same. Required: Using the new assumptions described above, complete the following requirements: 1. Calculate the expected cash collections for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Using Schedule 9 as your guide, prepare a budgeted income statement for May. 5 . Prepare a budgeted balance sheet as of May 31