Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $340,000 for November, $360,000 for December, and $350,000 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 71% 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 $21,200. Monthly depreciation is $16,200. gnore taxes Balance Sheet October 31 Assets Cash 22,200 82,200 Accounts receivable (net of allowance for uncollectible accounts) 181,050 Merchandise Inventory Property, plant and equipment (net of $660,000 accumulated depreciation) 1,170,000 1,455,450 Total assets Liabilities and Stockholders' Equity Accounts payable 199,200 Common stock 860,000 396,250 Retained earnings 1,455,450 Total liabilities and stockholders' equity