Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $360,000 for November, $380,000 for December, and $370,000 for January Collections are expected to be 75% in the month of sale, 23% in the month following the sale, and 2% uncollectible The cost of goods sold is 74% 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 paid in cash are $22,200. Monthly depreciation is $17,200. Ignore taxes Balance Sheet October 31 Assets Cash 23,200 Accounts receivable (net of allowance for uncollectible accounts) 83,200 199,800 Merchandise Inventory Property, plant and equipment (net of $670,000 accumulated depreciation) 1,170,000 1,476,200 Total assets Liabilities and Stockholders' Equity Accounts payable 200,200 Common stock 830,000 Retained earnings 446,000 1,476,200 Total liabilities and stockholders' equity Required a. Prepare a Schedule of Expected Cash Collections for November and December. WELDON INDUSTRIAL GAS CORPORATION Schedule of Expected Cash Collections November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections