Please help me check my answers to this accounting question.

The company is in the process of preparing a budget for May and has assembled the following data:

a.	Sales are budgeted at $299,000 for May. Of these sales, $89,700 will be for cash; the remainder will be credit sales. One-half of a months credit sales are collected in the month the sales are made, and the remainder is 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 $169,000 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 $42,000.
d.	Selling and administrative expenses for May are budgeted at $89,700, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,250 for the month.
e.	The note payable on the April 30 balance sheet will be paid during May, with $320 in interest. (All of the interest relates to May.)
f.	New refrigerating equipment costing $7,200 will be purchased for cash during May.
g.	During May, the company will borrow $25,200 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.

Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash 9,500 56,500 Accounts receivable Inventory 53,250 234,000 Buildings and equipment, net of depreciation $353,250 Total assets Liabilities and Shareholders' Equity $79,000 20,000 180,000 Accounts payable Note payable Common shares Retained earnings 74,250 353,250 Total liabilities and shareholders' equity The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $299,000 for May. Of these sales, $89,700 will 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 made, and the remainder is 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 $169,000 during May. These purchases Required: 1-a. Prepare a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases.. Schedule of Expected Cash Collections $ 89,700 Cash sales-May Collections on account receivable: 56,500 104,650 $250,850 April 30 balance May sales Total cash receipts Schedule of Expected Cash Disbursements $ 79,000 67,600 April 30 accounts payable balance May purchases Total cash payments $146,600 1-b. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Minden Company Cash Budget For the Month of May $ Beginning cash balance 9,500 Add collections from customers 250,850 Total cash available 260,350 Less cash disbursements: Purchase of inventory 146,600 Selling and administrative expenses 89,700 Purchases of equipment 7,200 Total cash disbursements 243,500 Excess of cash available over disbursements 16,850 Financing 25,200 Borrowing-note Repayments-note 20,000 Interest 320 Total financing 45,520 $ 62,370 Ending cash balance 2. Prepare a budgeted income statement for May. Minden Company Budgeted Income Statement For the Month of May 299,000 Sales Cost of goods sold: Beginning inventory 53,250 169,000 Purchases Goods available for sale 222,250 42,000 Ending inventory Cost of goods sold Gross margin 180,250 118,750 Selling and administrative expenses 89,700 Net operating income Interest expense 29,050 320 Net income $ 28,730 EA EA 3. Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets 62,370 Cash $ Accounts receivable 104,650 Inventory Buildings and equipment, net of depreciation 42,000 238,950 447,970 Total assets Liabilities and Shareholders' Equity Accounts payable Note payable Common stock Retained earnings 101,400 $ 25,200 180,000 102,980 409,580 Total liabilities and shareholders' equity $ EA