Please provide complete and correct answer for both requirements and show all work like explanation , computation , formula with steps. Answer in text. Million thanks ! Elon Co.'s September balance sheet contains the following information:$ 41,100 (dr)138,600 (dr)3,000 (cr)26,950 (dr)CashAccounts receivable.Allowance for doubtful accountsMerchandise inventoryManagement has designated $41,100 as the firm's minimum monthly cash balance. Other Information about the firm and its operationsis as follows:a. Sales revenues of $386,000, $462,000, and $343,500 are expected for October, November, and December, respectively. All goodsare sold on account.b. The collection pattern for accounts receivable is 60% in the month of sale, 39% In the month following the month of sale, and 1%uncollectible, which is set up as an allowance.c. Cost of goods sold is 60% of sales revenues.d. Management's target ending balance of merchandise inventory is 10% of the current month's budgeted cost of goods sold.e. All accounts payable for Inventory are paid in the month of purchase.f. Other monthly expenses are $51,950, which includes $3,800 of depreciation and 45,950 of bad debt expense.g. In the event of a shortfall, the company borrows money. In contrast, in the event of excess cash, the company Invests in short-termInvestments. Borrowings and Investments are assumed to be made at the end of a month in Increments of $6,850.h. Interest on borrowings is 10% per year, payable every quarter, on the accumulated amount of the loan; similarly, Interest earned onInvestments is 8% per year on the accumulated Investments and is received every quarter. Investments can be matured and theprincipal amount redeemed in June or December of a year.Required:1. Prepare a merchandise purchases budget for October and November. Required:1. Prepare a merchandise purchases budget for October and November.Total needsTotal cash availableDeduct Disbursements:Total disbursementsExcess (deficiency) of cashFinancingElon Co.Merchandise Purchases Budget2. Prepare the cash budgets for October and November, including the effects of financing (borrowing or Investing). Interest is earnedor paid quarterly. (Any "Repayments" and "Interest" should be Indicated by a minus sign. Leave no cells blank - be certain to enter"0" wherever required.)InvestmentsBorrowingsRepaymentsInterestTotal financingOctober NovemberElon Co.Cash BudgetDecemberOctober November

A cash budget is a projection of a company's cash flows over a given time frame. The budget in…

Elon Co.'s September balance sheet contains the following information: $ 41,100 (dr) 138,600 (dr) 3,000 (cr) 26,950 (dr) Cash Accounts receivable. Allowance for doubtful accounts Merchandise inventory Management has designated $41,100 as the firm's minimum monthly cash balance. Other Information about the firm and its operations is as follows:

Elon Co.'s September balance sheet contains the following information: $ 41,100 (dr) 138,600 (dr) 3,000 (cr) 26,950 (dr) Cash Accounts receivable. Allowance for doubtful accounts Merchandise inventory Management has designated $41,100 as the firm's minimum monthly cash balance. Other Information about the firm and its operations is as follows:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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