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Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the...

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Accounting

Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:
Sales are budgeted at $340,000 for November, $360,000 for December, and $350,000 for January.
Collections are expected to be 75% in the month of sale and 25% in the month following the sale.
The cost of goods sold is 80% of sales.
The company desires an ending merchandise inventory equal to 75% of the cost of goods sold in the following month.
Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $20,200.
Monthly depreciation is $20,000.
Ignore taxes.
\table[[\table[[Balance Sheet],[October 31]],],[\table[[Assets],[Cash]],],[\table[[Cash],[Accounts receivable]],$21,000
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