Weldon Industrial Gas Corporation supplies 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, 22% in the month following the Sils, and 3% uncollectible -The cost of goods sold is 66% of sales. The company desresan ending merchandise inventory equal to 80% 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 $21,800 Monthly depreciation is $16,800. ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Merchandise Inventory Property, plant and equipment (net of $666,000 accumulated depreciation) $ 22,800 82,800 168,960 1,170,000 Total assets $1,444,560 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 199,800 920,000 324,760 $ 1,444,560 Total liabilities and stockholders' equity