value: 10.00 points Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 for January. Collections are expected to be 70% in the month of sale, 25% in the month following the sale, and 5% uncollectible The cost of goods sold is 68% of sales. The company desires an ending merchandise inventory equal to 65% 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 $19,700. Monthly depreciation is $14,700. Ignore taxes Balance Sheet October 31 Assets Cash 20,700 80,700 Accounts receivable (net of allowance for uncollectible accounts) Merchandise Inventory 163,540 Property, plant and equipment (net of $647,000 accumulated depreciation) 1,170,000 1,434,940 Total assets Liabilities and Stockholders' Equity Accounts payable 197,700 Common stock 700,000 537,240 Retained earnings 1,434,940 Total liabilities and stockholders' equity