Help Save & Exit Submit Check my work Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet September 30 Assets Cash 73,600 142,000 67,500 305,000 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 588,100 $265,600 216,000 106,500 $ 588,100 Total liabilities and stockholders' equity The company is in the process of preparing a budget for October and has assembled the following data the Sales are budgeted at $500,000 for October and $510,000 for November. Of these sales, 35% will befor cash remainder will be credit sales. Forty percent of a month'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 receivable wil' be collected in October I. 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase the following month's cost of goods sold. and 70% are paid for in the following month. All of the September 30 accounts payable to suppliers will be paid Next >