sienna company is wholesale distributor of premium European chocolates . the company's balance sheet as of April 30 is given below sienna company balance sheet asset. cash. 18,700 account receive. 70,250 inventory. 41,250 build equipt net of depreciation. 230,000 total asset. 360,200 liabilities and stock equity account payable. 72,250 note payable. 13,700 common stock. 180,000 retained earnings. 94,250 total liabilities and stockholders equity 360,200

The company is in the process of preparing a budget for May and has assembled the following data: a.Sales are budgeted at $214,000 for May. Of these sales, $64,200 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 $122,000 during May. These purchases will all en 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 to suppliers will be paid May. c.The May 31 inventory balance is budgeted at $47,500. d. Selling and administrative expenses for May are budgeted at $85,500, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,050 for the month. e.The note payable on the April 30 balance sheet will be paid during May, with $390 in interest. of the interest relates to May.) f.New refrigerating equipment costing $16,300 will be purchased for cash during Nay. g.During May, the company will borrow $24,500 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required: 1.Calculate the expected cash collections from customers for May. 2.Calculate the expected cash disbursements for merchandise purchases fov 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