Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below. Wheeling Company Balance Sheet Assets Cash Accounts receivable Inventory September 30 $ 71,600 Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 122,000 54,000 279,000 $ 526,600 $ 155,600 216,000 155,000 $ 526,6001 The company is in the process of preparing a budget for October and has assembled the following data: 1. Sales are budgeted at $400,000 for October and $410,000 for November. Of these sales, 35% will be for cash; the remainder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining 60% is collected in the following month, All of the September 30 accounts receivable will be collected in October 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following month's cost of goods sold. 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid for in the following month. All of the September 30 accounts payable to suppliers will be paid during October 4 Selling and administrative expenses for October are budgeted at $86,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2.790 for the month Required: 1. Using the information provided, calculate or prepare the following a. The budgeted cash collections for October h. The hudnated marchands nurchates for netoher