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2. Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $450,000 for November, $460,000 for December,

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Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $450,000 for November, $460,000 for December, and $440,000 for January. Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 30% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $80,000. The November beginning balance in the accounts payable account is $267,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Schedule of Expected Cash Collections for November and December November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Merchandise Purchases Budget for November and December November December Merchandise Purchases Budget Cost of goods sold Total needs Required purchases Bries Corporation is preparing its cash budget for January. The budgeted beginning cash balance is $19,800. Budgeted cash receipts total $192,000 and budgeted cash disbursements total $191,600. The desired ending cash balance is $31,800. To attain its desired ending cash balance for January, the company should borrow

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