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 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets $66,800 150,000 72,900 243,000 532,700 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $177,200 216,000 39.500 532,700 The company is in the process of preparing a budget for October and has assembled the following data I. Sales are budgeted at $540,000 for October and $550,000 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. month's cost of goods sold. for in the following month. All of the September 30 accounts payable to suppliers will be paid during October in cash. Depreciation is budgeted at $2,430 for the month 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid 4. Selling and administrative expenses for October are budgeted at $93,800, exclusive of depreciation. These expenses will be paid Required 1. Using the information provided, calculate or prepare the following a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October C. The budgeted cash disbursements for merchandise purchases for October. d. The budgeted net operating income for October e. A budgeted balance sheet at October 31 2. Assume the following changes to the underlying budgeting assumptions (1) 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 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 a. The budgeted cash collections for October b. The budgeted merchandise purchases for October C. The budgeted cash disbursements for merchandise purchases for October d. Net operating income for the month of October. e. A budgeted balance sheet at October 31 Complete this question by entering your answers in the tabs below Req 1A Prepare the budgeted cash collections for October. Budgeted cash collections for October Req 1B Req 1EReq 2A Req 2B Req 1C Req 1D Req 2C Req 2D Req 2E Req 1A Req 1B> Complete this question by entering your answers in the tabs below. Req 1AReq 1BReq 1C Req 1D Req 1EReq 2A Prepare the budgeted merchandise purchases for October. Budgeted merchandise purchases for October Req 2B Req 2C Req 2DReq 2E Req 1A Req 1C > Req 1A Req 1B| Req 1C Req ID Req 1E Req 2A Req 2B Prepare the budgeted cash disbursements for merchandise purchases for October Budgeted cash disbursements for merchandise purchases for October Req 2C Req 2D Req 2E Req 1D > KReq 1B Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req ID Req 1E Prepare the budgeted net operating income for October. Budgeted net operating income for October Req 2A Req 2B Req 2C Req 2D Req 2E Req 1C Req 1E Req 1AReq 1B Req 1C Req 1D Req 2AReq 2B Req 2C Req 2D Req 2E Req 1E Prepare a budgeted balance sheet at October 31. Wheeling Company Balance Sheet October 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Req 2A> Req 1D Req 1AReq 1BReqicRe D Req E Re2AReq 2B Req 2c Req 2D Req 2E Prepare the budgeted cash collections for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month Show less Budgeted cash collections for October Req 1E Req 2B Req IA Req 1B Req 1C Req ID Req IE Req 2A|Req 2B Req 2C Req 2D Req 2E Prepare the budgeted merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of thefollowing month's cost of goods sold, and 3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show less Budgeted merchandise purchases for October KReq 2A Req2C Req 2BReq 2C Req 1A Req 1B Req 1C Req ID Req IE Req 2A Req 2D Req 2E Prepare the budgeted cash disbursements for merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show lessA Budgeted cash disbursements for merchandise purchases for October Req 2D> Req 2B Req 1B Req ID Req IE Req 2A Req 2B Req 2C Req 2D Req 2E Req 1A Req ic Prepare the net operating income for the month of October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show less Budgeted net operating income for October Req 2C Req 2E Req 1AReq 1B Req 1C Req 1D Req 1E Req 2A Req 2B Req 2CReq 2D Req 2E Prepare a budgeted balance sheet at October 31, Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month Show less Wheeling Company Balance Sheet October 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity