With the given information provide the answers to the boxes with a X in it.

Below is the Company's Balance Sheet October 31:
Balance Sheet
October 31
Assets
Cash	$ 120,000
Accounts Receivable (net of allowance for 5% uncollectible accounts)	$ 74,000
Merchandise inventory	$ 140,400
Property, plant and equipment (net of $500,000 accumulated depreciation	$ 1,066,000
Total Assets	$ 1,400,400
Liabilities and Stockholders' Equity
Accounts Payable	$ 240,000
Notes Payable	$ 100,000
Common Stock	$ 644,000
Retained Earnings	$ 416,400
Total liabilites and stockholders' equity	$ 1,400,400
ADDITIONAL INFORMATION:
Sales are budgeted at $360,000 for November, $385,000 for December, and $390,000 for January.
Collections are expected to be 70% in the month of sale, 25% in the month following the sale, and 5% uncollectible.
Prepare a Schedule of Expected Cash Collections for November and December.
	November	December	January
Budgeted Sales	x	x	x
Schedule of Expected Cash Collections	November	December
Accounts Receivable	x
November Sales	x	x
December Sales		x
Total Cash Collections (Receipts)	x	x
ADDITIONAL INFORMATION
The cost of goods sold is 60% of sales.
The company desires an ending merchandise inventory equal to 60% of the cost of goods sold in the following month.
Prepare a Merchandise Purchases Budget for November and December.
	November	December	January
Budgeted Cost of Goods Sold	x	x	x
Add desired ending merchandising inventory	x	x
Total needs	x	x
Less beginning merchandise inventory	x	x
Required purchases	x	x
ADDITIONAL INFORMATION
Merchandising Inventory is purchased on credit (Accounts Payable)
100% Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $23,000 for November and $25,00 for December.
The company desires a minimum cash balance of $100,000 each month. It will finance or borrow short term only if the minimum balance is not maintained each month.
There is no interest owed or paid in November and December.
In December the company will repay its only Note from the Bank (Notes Payable) of $100,000.
Calculate Total Cash Disbursements below:
	November	December
Cash disbursements for merchandise	x	x
Other monthly cash expenses	x	x
Total Cash disbursements	x	x
Prepare Cash Budgets for November and December.
Beginning cash balance	x	x
Add cash receipts	x	x
Total cash available	x	x
Less cash disbursements	x	x
Excess (deficiency) of cash available over disbursements	x	x
Financing	x	x
Borrowing - note	x	x
Repayments - note	x	x
Interest	x	x
Total Financing	x	x
Ending cash balance	x	x
ADDITIONAL INFORMATION
Monthly depreciation is $30,000.
Assume zero taxes as simplifying assumption.
Prepare Budgeted Income Statements for November and December
Budgeted Income Statements	November	December
Sales	x	x
Cost of goods sold	x	x
Gross margin	x	x
Bad debt expense	x	x	5% uncollected sales
Other monthly expenses	x	x
Depreciation	x	x
Net operating income	x	x
Prepare a Budgeted Balance Sheet for the end of December.
Balance Sheet
December 31
Assets:
Cash	x
Accounts receivable	x
Inventory	x
Property, plant and equipment (net of ________ accumulated depreciation)	x
Total assets	x
Liabilities and Stockholders' Equity:
Accounts payable	x
Notes Payable	x
Common stock	x
Retained earnings	x
Total liabilities and stockholders' equity	x