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

Sales are budgeted at $390,000 for November, $370,000 for December, and $380,000 for January.

Collections are expected to be 90% in the month of sale, 5% in the month following the sale, and 5% uncollectible.

The cost of goods sold is 60% of sales.

The company purchases 70% of its merchandise in the month prior to the month of sale and 30% in the month of sale. Payment for merchandise is made in the month following the purchase.

Other monthly expenses to be paid in cash are $21,800.

Monthly depreciation is $18,000.

Ignore taxes.

Statement of Financial Position

October-10

Assets

Cash

$ 25,000.00

Accounts Receivable (net of allowance for uncollectible accounts)

$ 71,000.00

Inventory

$ 163,800.00

Property, plant and equipment (net of $ 504,000 accumulated depreciation)

$1,088,000.00

Total assets

$1,347,800.00

Liabilities and Stockholders' Equity

Acounts payable

$ 232,000.00

Common stock

$ 700,000.00

Retained earnings

$ 415,800.00

Total Liabilities and stockholders' equity

$1,347,800.00

Required:

Schedule of Expected Cash Collections for November and December.

Merchandise Purchases Budget for November and December.

Cash Budgets for November and December.

Budgeted Income Statements for November and December.

Budgeted Balance Sheet for the end of December.