Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: o Sales are budgeted at $360,000 for November, $380,000 for December, and $350,000 for January. o Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible. o The cost of goods sold is 65% of sales. o The company desires an ending merchandise inventory equal to 60% of the cost of goods sold in the following month. o Payment for merchandise is made in the month following the purchase. o Other monthly expenses to be paid in cash are $21,900. o Monthly depreciation is $20,000. Balance Sheet October 31 Assets Cash $ 16,000 Accounts receivable (net of allowance for uncollectible accounts) 74,000 Merchandise inventory 140,400 Property, plant and equipment (net of $500,000 accumulated depreciation) 1,066,000 Total assets $1,296,400 Liabilities and Stockholders' Equity Accounts payable $ 240,000 Common stock 640,000 Retained earnings 416,400 Total liabilities and stockholders' equity $1,296,400 ~ Prepare a Schedule of Expected Cash Collections for November and December. ~ Prepare a Merchandise Purchases Budget for November and December. ~ Prepare Cash Budgets for November and December. ~ Prepare Budgeted Income Statements for November and December. ~ Prepare a Budgeted Balance Sheet for the end of December