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Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April $30$ is given below:Minden CompanyBalance SheetApril $30$Assets Cash$ $14,600$Accounts receivable$55,000$Inventory$43,500$Buildings and equipment, net of depreciation$223,000$Total assets$ $336,100$Liabilities and Stockholders Equity Accounts payable$ $74,500$Note payable$15,000$Common stock$180,000$Retained earnings$66,600$Total liabilities and stockholders equity$ $336,100$The company is in the process of preparing a budget for May and has assembled the following data:Sales are budgeted at $$244,000$ for May. Of these sales, $$73,200$ will be for cash; the remainder will be credit sales. One$-$half of a months 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 receivable will be collected in May.Purchases of inventory are expected to total $$130,000$ during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the April $30$ accounts payable to suppliers will be paid during May.The May $31$ inventory balance is budgeted at $$40,500.$Selling and administrative expenses for May are budgeted at $$84,300,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$3,950$ for the month.The note payable on the April $30$ balance sheet will be paid during May, with $$430$ in interest. $($All of the interest relates to May.$)$New refrigerating equipment costing $$7,800$ will be purchased for cash during May.During May, the company will borrow $$20,700$ 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:Calculate the expected cash collections from customers for May.Calculate the expected cash disbursements for merchandise purchases for May.Prepare a cash budget for May.Prepare a budgeted income statement for May.Prepare a budgeted balance sheet as of May $31.$

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