Wheeling Compony is o merchendiver that provided a belence sheet es of September 30 as shown belowr The compary is in the process of preporing s budget for October and assembled the following dats 1 Sales ore budgeted et $540,000 for October and $550,000 for November: Of these solus, 35$ wil be for cash; the remainder will be credt vales. Forty percent of e month's credit sajes are colected in the month the soles are mode, ond the remaining 60% are collectod in the following month. All of the September 30 sccounts recehable wil be collected in Octobec. 2. The budgeted cost of goods sold is alwoyn 45% of soles and the ending merchendise invertiony is alwoy 30% of the following monthr cont of goods sold. 3. All merchandise purcheses ere on eccount, Thirty percent of al purchoses ore peid for in the month of purchese and 70% are paid for in the following month. All of the September 30 occounts poyable to suppliers will be poid during October 4 Selling and administrative expenses for October are budgeted at $93,800, exclusive of depreciavion These expenses will be poid in cash. Depreciation is budgeted at $2,430 for the month. Requitred: 1. Using the information provided, calculete or prepare the following for October a. The budgeted cath collectoons b. The budgeted merchandise purchoses c. The budgeted cosh disbumements for merchandise purcheses. d. The budgeted net operating income. e. An-end-of month budgered balance sheet. 2 Assume the following chonges to the underlying budgeting assumptons: 150% of a month's credit sales are collected in the month the sales are made and the remsining SOAk are colected in the following mornth 2. The ending merchendise imventory is always 10% of the following monthis cost of goods soid 3. 20% of ali purchsses are paid for in the month of purchase and 80% are paid for in the following month. Using these new assumptions, calcuinte or prepare the following for October: a. The budgeted cosh collections. b. The budgeted merchandise purcheses. c. The budgeted cosh diabursements for merchandise purchoses. d. Net operosing income. e. An end-of-month budgeted balance sheet. Complete this queition by entering your ansmen in the tabs below. Prepure the budgeted cash collections for October