The company is in the process of preparing a budget for May and has assembled the following data: Sales are budgeted at $200,000 for May. Of these sales $60,000 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. Purchases of inventory are expected to total $120.000 during May. These purchases will all be on account. Forty percent of all purchases arc paid fix in the month of purchase: the remainder arc paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May. The May 31 inventory balance is budgeted at $40.000. Selling and administrative expenses for May arc budgeted at $72.000. exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month. The note payable on the April .30 balance sheet will he paid during May. with $100 in interest. (AH of the interest relates to May.) New refrigerating equipment costing $6, 500 will he purchased for cash during May. During May. the company will borrow $20,000 from its bank by giving a new note pay able to the hank for that amount. The new note will be due in one year. Prepare a cash budget for May Support your budget with a schedule of expected cash collections from sales and a schedule of expected cash disbursements for merchandise purchases. Prepare a budgeted income statement for May. Use the absorption costing income statement format as shown in Schedule 9. Prepare a budgeted balance sheet as of May 31