Prepare a cash budget for May. Noter Cash dof cency, ropoymients and interest. should be indicated by a minus sign. Minden Company is a wholetale distributor of piemium European chocolates. The company's balance sheet as ot April 30 is given below: The company is in the process of preparing a budget foe May and has assembled the following data: a. Sales are budgeted at $238.000 for May, Ot these sales, 571,400 wil be for casht the remsinder wall be credit siles One-hait of a months credit sales are coliected in the month the sales are mude, and the remainder is collected in the folowing month At of the purchases are pald for in the month of purchese; the remainder are paid in the following month. All of the April 30 occeunts payable to suboliers will be pad during May c. The May 31 imentory balance is budgeted it $24,000 conh Depreciation is tudgeted at $4.450 for the month- i. New refrigerating equipment costing $15 too wib be purchased for cosh during Mry note nall be due in one vear? Prepare a budgeted balance sheet as of May 31 . Required: 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted income statement for May: 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. Prepare a budgeted income statement for May