solve using data from first slide

Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $240,000 for May. Or these sales. $72.000 will be for cash the remainder will be credit sales, One-haif of a month's credit sales are collected in the month the sales are made, and the remainder is colected in the following month. All of the April 30 accounts recelvable will be collected in May. b. Purchases of inventory are expected to total $118,000 during May. These purchases will all be on account. Forty percent of all purchases are poid for in the month of purchase; the remainder are paid in the following month. All of the April 30 accounts payabie to suppliers will be paid during May. c. The Moy 31 inventory balence is budgeted at $31,500. d. Selling and administrative expenses for May are budgeted at $93,500, exclusive of depreciation. These expenses will be poid in cash. Oepreciation is budgeted at $2,400 for the month. e. The note payable on the Apri 30 balance sheet wall be poid during May, wath $160 in interest. (All of the interest relates to May) t. New refrigerating equipment costing $15.000 will be purchased for cash during May 9. During May, the company will borrow $26.600 from its bank by giving a new note poyable to the bank for that amount. The new note will be due in one yeat. e. The note payable on the April 30 balance sheet will be paid during May. with $160 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $15,000 will be purchased for cash during May. g. During May, the company will bortow $26,600 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 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. 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. Complete this question by entering your answers in the tabs below. Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus s Complete this question by entering your answers in the tabs below. Prepare a budgeted income statement for May. Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet as of May 31