Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow. Sales are budgeted at $360,000 for November, $380,000 for December, and $370,000 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 74% 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 $22,400. Monthly depreciation is $22,200. Ignore taxes. Assets Cash Accounts receivable Merchandise inventory Balance Sheet October 31 Property, plant and equipment (net of $606,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 23,200 84,200 199,800 1,016,000 $ 1,323,200 $ 197,200 610,000 516,000 $ 1,323,200 Required A Required B Required C Required D Required E Prepare Cash Budgets for November and December. Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance November December Required A Required B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and Decem Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections November December Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November Required A Required B Required C Required D Required E Prepare Budgeted Income Statements for November and December. Sales Cost of goods sold Other monthly expenses Depreciation November December Required A Required B Required C Required D Required E Prepare a Budgeted Balance Sheet for the end of December. December Assets Cash Accounts receivable Balance Sheet December 31 Inventory Property, plant and equipment (net of accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity