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 S370,000 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 Accounts receivable (net of allowance for uncollectible accounts) Merchandise Inventory Property, plant and equipment (net of $670,000 accumulated depreciation) $ 23,200 83,200 199,800 1,170,000 Total assets $ 1,476,200 Liabilities and Stockholders' Equity Accounts payable Common stock $ 200,200 830,000 446,000 Retained earnings Total liabilities and stockholders' equity $1,476,200