The company is in the process of preparing a budget for May and has assembled the following data a. Sales are budgeted at $238,000 for May. Of these soles, $71,400 will be for cash; the remainder will be ciedit sales. One half of a manth's credit sales are collected in the month the soles are made, and the remainder is collected in the following month. All of the April 30 accounts recelvable will be collected in May. b. Purchases of inventory are expected to total $124,000 duting May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remairder are paid in the following month, AIr of the Aprill 30 accounts payable to supplieis will be paid during May. c. The May 31 inventoly balance is budgeted at $24.000. d. Sebling and administrative expenses for May are budgeted at $86,100, exclusive of depreciation. These experises will be paid in cash. Depreclation is budgeted at $4,450 for the month. e. The note payable on the April 30 balance sheet will be paid during May. with $400 in interest. (All of the interest relates to Mayl) 1. Newe refrigerating equipment costing $15,100 will be purchased for cash during May. 9. Dusing May, the company will bonow $23,800 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one yeat. 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