The company is in the process of preparing tudget data for May. A number of budget items have already been prepared, as foliows: a. Sales are budgeted at $380,000 for May. Of these sales, $114,000 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 are collected in the following month. All of b. Purchases of inventory are expected to total $228,000 during May. These purchases will all be on account. 30% of all purchases the April 30 receivables will be collected in May. 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 during May. c. The May 31 inventory balance is budgeted at $76,000. d. Operating expenses for May are budgeted at $136,800, exclusive of depreciation. These expenses will be paid in cash. e. The note payable on the April 30 balance sheet will be paid during May, with $130 in interest. (All of the interest relates to May.) Depreciation is budgeted at $3,800 for the month. f. New refrigerating equipment costing $8,300 will be purchased for cash during May. 9. During May, the company will borrow $38,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. MINDEN COMPANY Cash Budget For the Month Ended May 31 2. Prepare a budaeted income statement for Mav. 3. Prepare a budgeted balance sheet as of May 31