West End Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 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 71% 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 $21,100. Monthly depreciation is $20,900. Ignore taxes. Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment (net of $607,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 21,900 82,900 210,160 1,017,000 $1,331,960 $ 195,900 600,000 536,060 $1,331,960 Required A Required B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and De Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections $ EA November December 0 $ 0 Required A Required B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and De Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections November December $ 0 $ 0 Prepare Budgeted Income Statements for November and December. Sales Cost of goods sold Other monthly expenses Depreciation November December 0 0 $ 0 $ 0 Required A Required B Required C Required D Required E Prepare a Budgeted Balance Sheet for the end of December. Assets Cash Balance Sheet December 31 Accounts receivable 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 $ 0 $ 0