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1. Calculate the expected cash collections from customers for May. 2. Calculate the expected eash disbursements for merchandise purchases for May. Prepare a budgeted income statement for May. Prepare a budgeted balance sheet as of Mav 31 Complete this question by entering your answers in th Prepare a cash budget for May. (Cash deficiency, repayments Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: The company is in the process of preparing a budget for May and has assembied the following data: a. Sales are budgeted at $275,000 for May, Of these sales, $82,500 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 recelvable wil be collected in May. b. Purchases of inventory are expected to total $214,000 during May. These purchases will all be on account. Forty percent of all purchases 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 Moy. c. The May 31 inventory balance is budgeted at $87,000 d. Selting and administrative expenses for May are budgeted at $81,300, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,750 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $585 in interest. (All of the interest relates to May) t New refrigerating equipment costing $10,800 will be purchased for cash during May. 9. During May, the company will borrow $20,800 from its bank by glving a new note payable to the bank for that amount. The new note will be due in one year