Sales are budgeted at $340,000 for November $360,000 for December, and $350,000 for January. Collections are expected to be 75% in the m onth of sale and 25% In the month following the sale. The cost of goods sold is 80% of sales. The company desires an ending merchandise inventory equal to 75% 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 pald In cash are $20,200. Monthly depreclation Is $20,000. . Ignore taxes. Balance Sheet October 31 Assets Accounts receivable Property, plant and equipment (net of $586,898 accumulated depreciation) $ 21,898 82,880 284,888 996 , $1,3e3,ee0 Total assets Liabilities and Stockholders Equity Accounts payable Conmon stock $ 195,8e0 518,888 598,800 $1,3e3,ee0 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. Required Required B Required Required D Required E Prepare a Budgeted Balance Sheet for the end of December Assets Cash Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets Liabilities and Stockholders Equity Accounts payabla Common stock Retained earnings Total liabilities and stockholders' equity