Problem $8-19($Algo$)$ Cash Budget; Income Statement; Balance Sheet $[$LO$8-2,$ LO$8-4,$ LO$8-8,$ LO$8-9,$ LO$8-101$Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April $30$ Is givenbelow:AssetsCashPnts receivableBuildings and equipment, net of depreciationTotal assetsLiabilities and Stockholders EquityAccounts payableoe stockRetained earningsTotal liabilities and stockholders equityc. The May $31$ inventory balance is budgeted at $$44,500.$Minden CompanyBalance SheetApril $38$Requlred:The company Is in the process of preparing a budget for May and has assembled the following data:a$.$ Sales are budgeted at $$266,000$ for May. Of these sales, $$79,800$ wll be for cash; the remainder will be credit sales. One$-$half of amonth's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of theApril $30$ dccouns eevao t totl $170000$ during Ma These purchases will all be on account. Forty percent of allpurchases are pald for in the month of purchase; the remainder are pald in the following month. All of the April $30$ accounts payableto suppliers will be paid during May.d$.$ Seling and administrative expenses for May are budgeted at $$81,900,$ exclusive of depreciation. These expenses wll be paid ine. The note payable on the April $30$ balance sheet will be paid during May, with $$140$ in interest. $($All of the interest relates to May$)$f$.$ New refrigerating equipment costing $$9,600$ will be purchased for cash during May$\mathrm{.}5.$ Prepare a budgeted balance sheet as of May $31.$Reg $1$ and $2$g$.$ During May, the company will borrow $$23,400$ from its bank by giving a new note payable to the bank for that amount. The newnote wll be due in one year$\mathrm{.}1.$ Calculate the expected cash collections from customers for May.Reg $32.$ Calculate the expected cash disbursements for merchandise purchases for May.Total cash collectionsTotal cash disbursementsReg $1$ andstatement for MayTotal assetsComplete this question by entering your answers in the tabs below.Reg $3$$ $9,100239,008$S $365,350$$ $79,758$Req $4$Req $4$May $31$Assets$1.$ Calculate the expected cash collections from customers for May.Prepare a budgeted balance sheet as of May $31.$Minden CompanyBudgeted Balance Sheet$93,308$S $365,3502.$ Calculate the expected cash disbursements for merchandise purchases for May.Liabilities and Stockholders' EquityTotal liabilities and stockholders' equityReg $5$Req $5$Reg $1$ andBeginning cash balanceTotal cash avalableAdd collections from customersReq $3$Less cash disburserments:Prepare a cash budget for May, $($Cash deficlency, repayments and interest should be indicated by a minus sign.$)$Purchase of inventoryMinden CompanyCash BudgetFor the Month of MaySeling and administralive experisesPurchases of equipmentFinancing:Tolal cash distursementsBorrowing$-$noteRepayments$-$noteReg $4$Excess of cash available over disbursementsInterestTotal financingReg $1$ and $2$Reg $3$RegReg $4$Rea $5$Prepare a budgeted income statement for May.Minden CompanyBudgeted Income StatementFor the Month of May