Question 4 to compete this assessment, Riffs Company is a merchandiser that provided a balance sheet as of September 30 as shown below Riff Company Balance Sheet A Cash Accounts receivable Inventory Huildings and equipment, net of depreciation Total Liabilities and Stockholders' Equity Accounts payable Common stock $60,200 110,000 45,900 217,000 $433,100 $8,100 216,000 Retained earnings Total Babilities and stockholders' equity 129,000 $433,100 The company is in the process of preparing a budget for October and has assembled the following data: 1. Sales are budgeted at $340,000 for October and $350,000 for November. Of these sales, 35% will be for cash, the remainder will be credit sales. 40% of a month's credit sales ses di the month the sales are made, and the remaining 60% is collected in the following month. All of the September 30 accounts receivable will be collected in October 2. 3. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following month's cost of goods sold 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 payable to suppliers will be paid during October 4. Selling and administrative expenses for October are budgeted at $53,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,170 for the month Required: Using the information provided, prepare the following: The budgeted cash collections for October b. The budgeted merchandise purchases for October c. The budgeted cash disbursements for merchandise purchases for October d. The budgeted net operating income for October For the toolbar, press ALT+F10 (PC) or ALT-FN+F10 (Maci