$\backslash$table$[[\backslash$table$[[$Balance Sheet$],[$April $30]]],[$Assets$],[$Cash$,$$$,14,300],[$Accounts receivable,,$55,750],[$Inventory$,,49,250],[$Buildings and equipment, net of depreciation,,$217,000],[$Total assets,$$,336,300],[$Liabilities and Stockholders' Equity,,$],[$Accounts payable,$$,65,000],[$Note payable,,$16,500],[$Common stock,,$180,000],[$Retained earnings,,$74,800],[$Total liabilities and stockholders' equity,$$,336,300]]$

The company is in the process of preparing a budget for May and assembled the following data:

a$.$ Sales are budgeted at $$292,000$ for May. Of these sales, $$87,600$ 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 the April $30$ accounts receivable will be collected in May.

b$.$ Purchases of inventory are expected to total $$216,000$ 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 May.

c$.$ The May $31$ inventory balance is budgeted at $$72,500.$

d$.$ Selling and administrative expenses for May are budgeted at $$82,200,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$4,500$ for the month.

e$.$ The note payable on the April $30$ balance sheet will be paid during May, with $$375$ in interest. $($All of the interest relates to May.$)$

f$.$ New refrigerating equipment costing $$7,100$ will be purchased for cash during May.

g$.$ During May, the company will borrow $$20,500$ from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.

Required:

For May:

Calculate the expected cash collections from customers.

Calculate the expected cash disbursements for merchandise purchases.

Prepare a cash budget.

Prepare a budgeted income statement.

Prepare an end$-$of$-$month budgeted balance sheet.