wheeling Company merchandise? tnst provided 5 b5ance ,neet of September 30shown below. Wheeling Company Bslance Sheet S 62600 06,000 nventor Butldinga and equipment, net of deprec stian Totsl assets 235,000 446,800 isbilities and Stockholders' Equlty Accounts psysble Common stack Reta ned earning Totsl lisbilites and stockholdera equity S 121,800 216,000 The company ls In the process of preparing s budget for October and has sssembled the fol lawing dsts t Soes ner busgetea 5:5320.000 for October 5na S330.000 for Novembec Of tnese so es. 35% will b for cean; the remainder wil credit s. es Fo ty percent of month's credt ssies 5 e collecteo tne month thesa es ser aceand tne remaining 60% ce collected in the fallowlng month. All of the Seatember 30 accounts rece able will be col ected In October 2 Te budgeted cost of gooossold ys 45% of g5les 5na the ending mercnandise trmentory |& ys 30% of the following month's cost of goodssold 3. Al merchandse purcnses 5re on eccount Thirty percent of all purchases 5re P5lo for In the montn of purcnse end 70% ne pid for In the following montih. All af the September 30 sccounta payeble to supplers will be pd during October 4 Seling eno omnlatrette excenses for Octocer ne budgetea$94,200, exclusive of ceprecetion. These expenses will ce peld n cash. Depreclation ls budgeted at $2,350 for the month. Required: 1. Uaing the nformation provided, calcuiste or prepsre the folawing . The budgeted cash collections for October c. The budgeted cssh disbursements for merchandise purchsses for October d. The budgeted net operating Income for October e. A budgeted balance sheet st October 3 2 Assume the following changes to the underying budgeting ssumptions (1) 50% of 5 month's credt les 5e colected In tne month the asies are m5ce 5nd the remaining 50% colectea 1n the following month. (2) the ending mercnanalae Inventory ways 10% of the following month's cost of gooossold, and (3) 20% of all purchses ne Paid for in the month of purcheaand 80% se paio for in the following month, using thesnew ssumotions, calculst or prepar the folowlng a The budgeted cesh collectians for October . The budgeted merchandise purchsses for October c. The budgeted cssh disbursements for merchandise purchsses for October d. Net opersting Income for the month of October. e. A budgeted balance sheet st October 31 Complete this question by antaring your aniwers in the tabs balow. Prepare a budoeted balance sheet at October 31 Balanoe sheet Total assats Liabil ec and Btookholderd Equty a lables and stockholders, aity