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 80% in the month of sale, 17% in the month following the sale, and 3% uncollectible The cost of goods sold is 69% of sales. The company desires an ending merchandise inventory equal to 70% 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 $22,100 Monthly depreciation is $17,100 Ignore taxes. Balance Sheet October 31 Assets Cash 23.100 Accounts receivable (net of allowance for uncollectible accounts) 83,100 169,050 Merchandise Inventory Property, plant and equipment (net of $669,000 accumulated depreciation) 1,170,000 1,445,250 Total assets Liabilities and Stockholders' Equity Accounts payable 200,100 950,000 Common stock 295,150 Retained earnings 1,445,250 Total liabilities and stockholders' equity