weldon Industrial gas

industrial Gas Corporation supplies acetyene and other compressed gases foindustry Data regarding the store's operations follow. Sales are budgeted at $360,000 for November, $380,000 for December, and $350,000 for Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% The cost of goods sold is 65% of sales. The company desires an ending merchandise inventory equal to 60% of the cost of goods sold in the following month. Payment for merchandise purchase is made in the month following the purchase The balance Payable October paid in Monthly selling and administrative expenses to be paid in cash are s21900. Monthly depreciation is $20,000. The company a minimum balance each month of company has an agreement with a bank that allows it to bomowin if$1.000 at the beginning of each month, with unlimited total loan balance, The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. If the company borrows money from the bank, the company would pay the bank all of the accumulated interest of at the end of each on the loan and as much of the loan as possible (n increments money from quarter, while still retaining at least $15,000 in cash. (lfthere is no need to borrow the bank, please leave the cell Bonowings as blank) S 16.000 74.000 Cash. allowance for uncollectible accounts) Accounts receivable (net of 140.400 plant and equpment (net of S500000 accumulated depreciation) Total assets. Liabilities and Stockholders' Equity 240,000 640.000 Accounts payable 416 Total liabilities and stockholders' equity