Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as...
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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 Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable 60,200 110,000 45,900 217000 $ 433,100 $88,100 216,000 129,000 $433,100 Common stock Retained earnings Total liabilities and stockholders' equity The company is in the process of preparing a budget for October and has assembled the following data 1. Sales are budgeted at $340,000 for October and $350,000 for November Of these sales, 35% will be for cash the,emainder will
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