ock . Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 for January Collections are expected to be 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 78% of sales. The company desires an ending merchandise inventory equal to 80% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $20,400 Monthly depreciation is $20,200 Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $588,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $21,200 82,200 218,400 998,000 $1,319,800 $195,200 530,000 594,600 $ 1,319,800 Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $588,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 21,200 82,200 218,400 998,000 $ 1,319,800 $ 195,200 530,000 594,600 $ 1,319,800 Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December c. Prepare Cash Budgets for November and December d. Prepare Budgeted Income Statements for November and December e. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. e. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and December. Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections November December $ 0 $ 0 es Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November 0 December $ 0 $ 0 Required A Required C Required u Required c Prepare Cash Budgets for November and December. Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance November December $ SA 0 $ 0 O 0 0 0 $ 0 $ 0 Prepare Budgeted Income Statements for November and December. Sales Cost of goods sold Other monthly expenses Depreciation November December 0 0 $ 0 $ 0 Assets Cash Balance Sheet December 31 Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ $ 0