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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 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 59,000 158,000 78,300 268,000 $563,300 212,800 216,000 134,500 563,300 The company is in the process of preparing a budget for October and has assembled the following data 1. Sales are budgeted at $580,000 for October and $590,000 for November. Of these sales, 35% will be for cash; the 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 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid 4. Selling and administrative expenses for October are budgeted at $87,800, exclusive of depreciation. These expenses will be paid in collected in the following month. All of the September 30 accounts receivable will be collected in October month's cost of goods sold for in the following month. All of the September 30 accounts payable to suppliers will be paid during October cash. Depreciation is budgeted at $2,680 for the month