Weller Industrial Gas Corporation supples acetylene and other compressed gases to industry. Data regarding the store's operations follow:

$$Sales are budgeted at $$300,000$ for November, $$320\mathrm{.}000$ for December, and $$310,000$ for January.

$$Collections are expected to be $75\%$ in the month of sale and $25\%$ in the month following the sale.

$$The cost of goods sold is $76\%$ 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.

$$Other monthly expenses to be paid in cash are $$20,600$

$$Monthly depreciation is $$20,400$

$$Ignore taxes.

Balance Sheet

October $31$

Assets

Cash

$ $21,400$

Accounts receivable

$82,400$

Merchandise inventory

$182,400$

Property, plant and equipment $($net of $$590,000$ accumulated depreciation$)$

$1,000,000$

Total assets

$ $1,286,200$

Liabilities and Stockholders' Equity

$ $195,400$

Accounts payable

$550,000$

Common stock

$540,800$

Retained earnings

$ $1,286,200$

Total liabilities and stockholders!

equity Required:

$$Prepare a Schedule of Expected Cash Collections for November and December.

$$Prepare a Merchandise Purchases Budget for November and December.

$$Prepare Cash Budgets for November and December.

$$Prepare Budgeted Income Statements for November and December.

$$Prepare a Budgeted Balance Sheet for the end of December.