Wheeling Company is a merchandiser that provided a balance sheet as of September $30$ as shown below:

Wheeling Company

Balance Sheet

September $30$

Assets

Cash $ $70,800$

Accounts receivable $130,000$

Inventory $59,400$

Buildings and equipment, net of depreciation $276,000$

Total assets $ $536,200$

Liabilities and Stockholders$$ Equity

Accounts payable $ $172,200$

Common stock $216,000$

Retained earnings $148,000$

Total liabilities and stockholders$$ equity $ $536,200$

The company is in the process of preparing a budget for October and assembled the following data:

Sales are budgeted at $$440,000$ for October and $$450,000$ 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 $60\%$ are collected in the following month. All of the September $30$ accounts receivable will be collected in October.

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.

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.

Selling and administrative expenses for October are budgeted at $$89,400,$ exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $$2,760$ for the month.

Required:

Using the information provided, calculate or prepare the following for October:

The budgeted cash collections.

The budgeted merchandise purchases.

The budgeted cash disbursements for merchandise purchases.

The budgeted net operating income.

An$-$end$-$of$-$month budgeted balance sheet.

Assume the following changes to the underlying budgeting assumptions:

$50\%$ of a month$$s credit sales are collected in the month the sales are made and the remaining $50\%$ are collected in the following month

The ending merchandise inventory is always $10\%$ of the following month$$s cost of goods sold

$20\%$ of all purchases are paid for in the month of purchase and $80\%$ are paid for in the following month.

Using these new assumptions, calculate or prepare the following for October:

The budgeted cash collections.

The budgeted merchandise purchases.

The budgeted cash disbursements for merchandise purchases.

Net operating income.

An end$-$of$-$month budgeted balance sheet.