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Ainden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: The company is in the process of preparing budget data for May. A number of budget thems have already been prepared, as follows: a. Sales are budgeted at $220,000 for May or these sales, $66,000 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 are collected in the following month. All of the April 30 recelvables wil be collected in May. b. Purchases of inventory are expected to total $132,000 during May. These purchases will all be on account 30% of all purchases are pald for in the month of purchase, the remainder are paid in the following month. All of the April 30 accounts payable to suppliers Wil be paid during May. c. The May 31 inventory balance is budgeted at $44,000. d. Operating expenses for Moy are budgeted at $79.200, exclusive of depreciation. These expenses will be paid in cash. Depreclation is budgeted ot $2,200 for the month. e. The note payable on the April 30 balance sheet wil be paid durtng May, with $50 in interest. (All of the interest relates to May) f. New refrigerating equipment costung $6.700 will be purchased for ca during May. 9. During May, the company wit borrow $22.000 from its bank by giving a new note paysble to the bank for that amount. The new note will be due in one year. Required: 1. Prepare a cash budget for May. (Any "Repayments" and "Interest" should be Indicated by a minus sign.) 2. Prepare a budgeted Income statement for May. 3. Prepare a budgeted balance sheet as of May 31