e A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below. Prepare the net operating income for the month of October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 8o\% are paid for in the following month. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet at October 31 . the following a. The budgeted cash collections for October. b. The budgeted merchandise purchases for october. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October e. A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below. Prepare the budgeted merchandise purchases for October. d. Net operating income for the month of October e. A budgeted balance sheet at October 31 . Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet at October 31 . Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid for in the following month. All of the September 30 accounts payable to suppliers will be paid during October. Selling and administrative expenses for October are budgeted at $78,000, exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $2,000 for the month. equired: Using the information provided, calculate or prepare the following: 1. The budgeted cash collections for October. . The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. The budgeted net operating income for October. e. A budgeted balance sheet at October 31 . 2. Assume the following changes to the underlying budgeting assumptions: (1) 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise imventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Using these new assumptions, calculate or prepare the following: a. The budgeted cash collections for October- b. The budgeted merchandise purchases for October c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31 . Complete this question by entering your answers in the tabs below. Prepare the budgeted cash collections for October. are paid for in the month of purchase and 80% are paid for in the following month. Using these new assumptions, calculate or p the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for october. c. The budgeted cash disbursements for merchandise purchases for October d. Net operating income for the month of October e. A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below. Prepare the budgeted cash disbursements for merchandise purchanen for October. Bubouted cath dibboruanients for merchanatse purchases for October e. A budgeted balance sheet at October 31. Complete this question by entering your answers in the tabs below. Prepare the budgeted cash disbursoments for merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise irventory is always 10% of the following month's cost of goods sold; and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. are paid for in the month of purchase and 80% are paid for in the following month. Using these new assumptions, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of Octobet. e. A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below. Prepare the budgeted merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. and 80% are paid for in the following month. Exercise 8-17 (Static) Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, LO84, LO8-9, LO8-10] Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: The company is in the process of prepating a budget for October and has assembled the following data: 1. Sales are budgeted at $240,000 for Octobet and $250,000 for November, Or these sales, 35% will be for cash, the remainder wil be credit sales. Forty percent of a morth's credit sales are collected in the month the sales are made, and the remaining 60% is collected in the following month. All of the September 30 accounts recelvable will be collected in October 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise imentory is always 30% of the following month's cost of goods sold 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70 s. are paid for in the following month All of the September 30 accounts paysble to suppliers will be pald during Octobet 4. Selting and administrative expenses for October are budgeted at 578,000 , exclusive of depreciation. These expenses wil be paid in cash. Depreciation is budgeted at $2,000 for the month Required: Required: 1. Using the information provided, calculate or prepare the following a The budgeted cash coliections for October. b. The budgeted merchandise puichases for October b. The budgeted merchandise purchases for October c. The budgeted cash distaursements for merchandise purchases for Octobes c. The budgeted cash disbursements or merchand d. The budgeted net operating incortie for October e. A budpeted balance sheet at Octobet 31 2. Assume the following changes to the underlying budgeting assumptions 2. Assume the foliowing changes to the underiying budgeting assumptions (1) 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following the following: a. The budgeted cash collections for October: b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October d. Net operating income for the month of October. e. A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below. Drupare the budgeted net operating income for October. b. The budgeted merchandise purchases for October c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31 . Complete this question by entering your answers in the tabs below. Prepare the budgeted cash collections for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the menth of purchase and 80%. are paid for in the following month