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 61000 174,000 89,100 Buildings and equipment, net of depreciation249.000 References Total assets $ 573,100 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Iliabilies and stockholders' equity $224,600 216,000 32,500 57310o 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 remainder will 2. The budgeted cost of goods sold is always 45% o be credit sales. Forty percent of a month's credit sales are collected in the month the sales are colected in the following month. All of the September 30 accounts receivable will be collected in October. made, and the remaining 60% is f 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 pad for in the month of purchase and 70% are paid or in the following month All of the September 30 accounts payable to suppliers will be paid during October administrative expenses for October are budgeted at $96,600, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,490 for the month Complete this question by entering your answers in the tabs below. Req 2A Req 28 Req 2C Req 2D Req 2E Prepare the budgeted cash collections for October Req IA 1 Req 18, 1 Req IC Req ID Req IE Req 2A Rea 2B Req 2C Req 2D Req 2E Prepare the budgeted merchandise purchases for October. Req 1A Req 18 Prepare the budgeted cash disbursements for merchandise purchases for October. purchases for October C Req 18 Rea 10 ) Req IA Req 1 Reg 2Re 2C Reg 20 Reg 2 Prepare the budgeted net operating income for October net income for October C Req 10 Prepare a budgeted balance sheet at October 31 Balance Sheet Print Assets Total assets Liabilities and Stockholders' Equity Total iabilities and stockholders' equity IA Reg 18 Req IC Req 1D Req 1El Req 2A Req 2B Req 2C Req 20 Req 2E Prepare the budgeted cash collections for October. Assume that SO% ar sales are made and the remaining month's creat a s re colected n the month the 50% is collected in the following month, (2) the ending merchandise inventory is always of the folowing month's cost of goods sold, and (3) 20% or all purchases are paid for in the monen er Perchase and aes are paid for in the following month Show less & Req 2B ) Req 1A Req 1BReq 1C Req 1D Req 1E Req 2A Req iB 28 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 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 merchandisep s for October 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 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 net Req2C Req 2 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 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. in the following month, (2) the ending merchandise inventory is always Show less Wheeling Company Balance Sheet October 31 Assets Total assets Print References Req 1A Re 18 Req 1C Rq DRqE Req 2A Req 28 Rg 20Req 2 Prepare the budgeted cash disbursements for me chandise purchases for October Assume that S %of a month's credit sales are collected in the month the sales are made and the remaining 50% is colected in the following month, (2) the ending merchandise invent the month of purchase and 80% are paid for in the following month. ory is always 10% of the following month's cost of goods sold, and 3) 20% of all purchases are paid for in Show less purchases for October Roq 2B Req 2D )