Problem 8-19 Cash Budget; Income Statement; Balance Sheet [Lo8-2, LO8-4, LO8-8, LO8-9, LOB-10) wholesale distrtbutor of premium European chocolates. The company's balance sheet as of Apri 30 is given below Minden Company Balance Sheet April 3e 14,5ee0 72,758 31,750 Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets 209,800 $328,e00 Liabilities and Stockholders Equity Accounts payable Note payable Common stock 69,500 16,800 180,080 Total liabilities and stockholders' equity $328,000 The company is in the process of preparing a budget for May and has assembled the following data a Sales are budgeted at $247,000 for May. Of these sales, $74,100 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 $172,000 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 e here to search ea