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

Whecling Company

Balance Sheet

September $30$

The company is in the process of preparing o budget for October and assembled the following dato:

Soles are budgeted ot $$560,000$ for October and $$570,000$ for November. Of these soles, $35\%$ will be for cosh; the remainder will be credit sales. Forty percent of a month's credit sales are collected in the month the soles are made, and the remaining $60\%$ are collected in the following month. All of the September $30$ occounts 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 $30$ occounts paysble to suppliers will be poid during October.

Selling and administrative expenses for October are budgeted at $$80,000,$ exclusive of depreciation. These expenses will be poid in cosh$.$ Depreciation is budgeted ot $$2,930$ for the month.

Required:

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

Q$.$ The budgeted cosh collections.

b$.$ The budgeted merchandise purchases.

c$.$ The budgeted cosh disbursements for merchandise purchoses.

d$.$ The budgeted net operoting income.

e$.$ An$-$end$-$of$-$month budgeted bolance sheet.

Assume the following changes to the underlying budgeting ossumptions:

$50\%$ 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 merchondise inventory is always $10\%$ of the following month's cost of goods sold

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

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

Q$.$ The budgeted cosh collections.

b$.$ The budgeted merchandise purchases.

c$.$ The budgeted cosh disbursements for merchandise purchoses.

d$.$ Net operoting income.

e$.$ An end$-$of$-$month budgeted bolance sheet.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Required $1A,$Required $10,$Required $1C,$Required $1$D$,$Required $1E,$Required $2A,$Required $28,$Required $2C,$Required $20,$Required $2$E$]]$