Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 for January . Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible. The cost of goods sold is 78% of sales The company desires an 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 $20,200. Monthly depreciation is $15,200. . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Merchandise Inventory Property, plant and equipment (net of $652,000 accumulated depreciation) $ 21,200 81,200 218,400 1,170,000 lotal assets $1,490,800 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 198,200 750,000 542,600 Total liabilities and stockholders' equity $1,490,800