(Answered) : Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet as of April 30 is given

Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet as of April 30 is given below:

Minden Company
Balance Sheet
April 30
Assets
Cash $ 9,400
Accounts receivable 78,500
Inventory 44,000
Buildings and equipment, net of depreciation 221,000
Total assets $ 352,900
Liabilities and Stockholders’ Equity
Accounts payable $ 72,000
Note payable 19,700
Common stock 180,000
Retained earnings 81,200
Total liabilities and stockholders’ equity $ 352,900
The company is in the process of preparing a budget for May and has assembled the following data:

Sales are budgeted at $256,000 for May. Of these sales, $76,800 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