sheet as of April 30 is given below Updat Balance Sheet April 30 Cash s 17.200 58,000 204,000 327,450 Buildings and equipment, net of depreciation Total assets s 67,000 16,200 180,000 64,250 Note payable Common stock Total liabilities and stockholders' equity $327,450 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $253,000 for May. Of these sales, $75,900 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 re May. is collected in the following month. All of the April 30 accounts receivable will be collected in b. Purchases of inventory are expected to total $140,000 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 The May 31 inventory balance is budgeted at $47,000 payable to suppliers will be paid during May. c. s for May are budgeted at $93,000, exclusive of depreciation. These d. Selling and administrative e. The note payable on the April 30 balance sheet will be paid during May, with $300 in interest. (All of the f. New refrigerating equipment expenses will be paid in cash. Depreciation is budgeted at $2,850 for the month. interest relates to May.) that amount. The new note will be due in one year. $11,100 will be purchased for cash during May. $25,400 from its bank by giving a new note payable to the bank for g. During May, the company will borrow