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. o Ignore taxes. | Belanos Sheat October 31 Assets $16.000 74,000 140,400 1,060,000 Aocounts receivable (net of allowance for uncellectible accounts) Merchandise inventory Property, plant and equipment (net of$500,000 acumulated depreciation) Total assets Liabilites and Stookholders' Equity Accounts payable 1240000 stock 640,000 Retained eamings Total liabilides and stockhelders equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December. c. Prepare Cash Budgets for November and December. d. Prepare Budgeted Income Statements for November and December