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Required: 1. Calculate the expected cash collections from customers for Moy. 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. Problem 8-19 Cash Budget; Income Statement; Balance Sheet [LO8-2, L08-4, LO8-8, L08-9, L08-10] Minden Company is a wholesale distributor of premium Europosn chocolates. The company/s balance sheet as of Aprit 30 is given bolow: The compary is in the process of preparing a budget for May and has assemeled the fodowing data Aner 30 accounts teceivato will be collected in May. D. Purchases of inventory are expected to tobat $124,000 during May These purchases wal al be on account Forty percent ef al purchases are paid for in the moneh of purchale; the remainder are paid in me following moneh All of the Apriljo accosnts piryable to supgliens wa be poid during May. c. The May 31 inventory balance is budgeted at $24,000 cash. Depreciation is buderted at $4,450 for the monith. t. New refrigorating equipmeres costing $15300 wifl be purctuied for cash during May note will be due in one year. Cemplete this question by entering pour anawers in the tabs belew: Frowere a budpeles bulance sheet as a Mar 31 Complete this question by entering vour answers in the tabs below. Prepare a cash budget for May. (Cash deficiencr, reperments and Interest should be indigated by a minos sign.) Complete this question by entecing your answers in the tabs below. Prepare a budgeted income statement for May