Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown belovw Wheeling Company Balance Sheet September 3 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation249,000 Total assets $ 61,000 174,000 89,100 $ 573,100 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $224600 216,000 32.500 $573100 Total liablities and stockholders' equity The company is in the process of preparing a budget for October and has assembled the following data 1 Sales are budgeted at $660,000 for October and $670,000 for November of these sales, 35% will be for cash, the rem 2 The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the foll 3 All merchandisepurchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% be credit sales Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining collected in the following month. All of the September 30 accounts receivable will be collected in October month's cost of goods sold. for in the following month. All of the September 30 accounts payable to supplier's ill be paid during October , Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown belovw Wheeling Company Balance Sheet September 3 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation249,000 Total assets $ 61,000 174,000 89,100 $ 573,100 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $224600 216,000 32.500 $573100 Total liablities and stockholders' equity The company is in the process of preparing a budget for October and has assembled the following data 1 Sales are budgeted at $660,000 for October and $670,000 for November of these sales, 35% will be for cash, the rem 2 The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the foll 3 All merchandisepurchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% be credit sales Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining collected in the following month. All of the September 30 accounts receivable will be collected in October month's cost of goods sold. for in the following month. All of the September 30 accounts payable to supplier's ill be paid during October