Statement of Financial Position 31-Oct Assets Cash 22,000 Accounts receivable 82,000 (net of allowance for uncollectible accounts) Inventory 166,400 Property, plant, and equipment 1,170,000 (net of $658,000 accumulated depreciation) Total assets S 1,440,400 Liabilities and Stockholders' Equity Accounts payable 199,000 Common stock 840,000 Retained earnings 401,400 Total liabilities and stockholders' equity $ 1,440,400 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. Washington Gas Corporation nipplies acetylene and other compressed gases to industry. Data regarding the store's operations follow Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible The cost of goods sold is 65% of sales The company purchase 80% of its merchandise in the month prior to the month of sale and 20% in the month of sale. Payment for merchandise is made in the month following the purchase Other monthly expenses to be paid in cash are $21,000 Monthly depenciation is $16,000 Ignore taxes