value 20.00 points Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation $ 14,500 72,750 31,750 209,000 Total assets 328,000 Liabilities and Stockholders' Equity Accounts payable $ 69,500 Note payable Common stock 180,000 62,500 Retained eamings Total tiabilities and stockholders' equity 328,000 The company is in the process of preparing a budget for May and nas assembled the following data a Sales are budgeted at $247 000 for May Of these sales $74,100 will be for cash the remainder will be crean sales One-half of a month's credin sales are colected in the month the sales are made, and the emainder is collected in the tollowing month All of the Apri 30 accounts recervabie wli be collected in b Puichases of inventory are expected to total $172.000 during May These purchases wa all be on account. Forty percent of ail purchases are paid for in the monh of purchase the remainder are paid n the month Al of the April 30 accounts payable to supplers wil be paid during May c Seling and administrative expenses tor May are buogeted at $87 609 exclusive of depreciation These at 558 300 payable on the Apni s0 belance sheet wil be pac curing tay with s3e5 manterest All ot the ID