Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $330,000 for November, $350,000 for December, and $340,000 for January Collections are expected to be 70% in the month of sale, 26% in the month following the sale, and 4% uncollectible The cost of goods sold is 67% of sales. The company desires an ending merchandise inventory equal to 85% 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 $21,900. Monthly depreciation is $16,900. Ignore taxes Balance Sheet October 31 Assets Cash 22,900 82,900 Accounts receivable (net of allowance for uncollectible accounts) 187,935 Merchandise Inventory Property, plant and equipment (net of $667,000 accumulated depreciation) 1,170,000 Total assets 1,463,735 Liabilities and Stockholders' Equity 199,900 Accounts payable Common stock 930,000 333,835 Retained earnings 1,463,735 Total liabilities and stockholders' equity