Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $310,000 for November, $330,000 for December, and $320,000 for January. Collections are expected to be 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 70% 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 $21,900. Monthly depreciation is $21,700. . Ignore taxes. Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment (net of $601,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 22,700 83,700 162,750 1,011,000 $ 1,280,150 $ 196,700 690,000 393,450 $ 1,280,150

Weller Industrial Gas Corporation supplies acetyiene and other compressed gases to industry. Data regarding the store's operations follow: - Sales are budgeted at $310,000 for November, $330,000 for December, and $320,000 for January. - Collections are expected to be 80% in the month of sale and 20% in the month following the sale. - The cost of goods sold is 70% of saies. - The company desires an ending merchandise inventory equal to 75% of the cost of poods sold in the following month. - Payment for merchondise is mode in the month following the purchase. - Orher monthly expenses to be paid in cash are $21,900. - Monthly depreciation is $21700. - Ionore taxes