Question: Im having a hard time finding 2A-2E Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below. Balance
Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below. Balance Sheet Assets Cash Accounts receivable Inventory Buildings andeipment, net of depreciation Total assets 61,000 174,000 89,100 249,000 s 573,100 Liabilities andockholders' Equity Accounts paya Common stock Retained earnings Total liabilities and stockholders equity $224,600 216,000 132,500 578100 The company is in the process of preparing a budget for October and has assembled the following data: 1 Sales are budgeted at S660.000 for October and S670000 for November Of these sales, 35% will be for cash the remainder will 2 The budgeted cost of goods sold is always 45% of sales and the ending m erchandise inventory is always 30% of the following be credit sales Forty percent of a rm onth's credit sales are collected in the month the sales are made, and the remaining 60% is collected in the following month. All of the September 30 accounts receivable will be collected in October month's cost of goods sold for in the following month. All of the September 30 accounts payable to suppliers will be paid during October 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid
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