Given the following balance sheet and data, how would one solve items 1.) a & b, 2.), and 3.)? Thanks!

Course Documents-MH D Study Guide for Test-2-,/XyD chapter O7Pre-built Ass ?\. ? \ tpx Cal Poly-Managerial Accounting 208: Spring 208 CPP Managerial Section 01 Leroy Brown ACCOUNTING Chapter 07 Pre-built Assignment instructions I help Question 4 (of 5) Seve & Exit Submt 5.00 points Minden Company is a wholesale distnbutor of premium European chocalates. The company's balance sheet as or April 30 is given below Minden Company Balance Sheet April 30 Assets Cash Accounts recelvable Inventory Buildings and equipment, net of depreciation $ 10,500 57,000 12,500 236,000 Total assets 5 346,000 Liabilities and Stockholders Equity Accounts payable Note payable Common stock Retained earnings $ T2,750 21,200 180,000 72.050 Total liabilries and stockholders' equity 5 346,000 The company is in the process of preparng a budget for May and has assembled the tollowing data a. Sales are budgeted at $296,000 for May. Of these sales, $88,800 will be for cash: the remainder will be credr sales one-hait of a month's creait 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 Purchases of inventory are expected to total $192,000 during May. These purchases will all be on May account. Forty percent at al purchases are paid tor in the month of purchasethe remainder are paid in the following month All or the April 30 accounts payable to suppliers will be paid during May b