1B: budgeted merchandise purchases for October?

1C: budgeted cash disbursements for merchandise purchase for October?

1D: budgeted net operating income for October?

1E: Prepare a budgeted balance sheet at October 31.

2A: Prepare the budgeted cash collections for October

2B: prepare the budgeted merchandise purchases for October

2C: prepare the budget of cash disbursements for merchandise purchases for October

2D: prepare the net operating income for the month of October

2E: prepare a budgeted balance sheet at October 31

Help Save & Exit Submit Check my Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below Balance Sheet Septe Assets Cash 78.600 102.000 40,500 279,000 $ 500,100 Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 129,600 216,000 154 500 $ 500300 The company is in the process of preparing a budget for October and has assembled the following data 1. Sales are budgeted at $300,000 for October and $30,000 for November Of these sales, 35% will be for cash the remainder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the 60% is collected in the following month. All of the September 30 accounts receivable will be collected in October 2. The budgeted cost ofgoods sold is always 45% of sales and the ending merchandise inventory is always 30% of the 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 4. Selling and administrative expenses for October are budgeted at remaining following month's cost of goods sold are paid for in the following month All of the September 30 accounts payable to suppliers will be paid during October be paid in cash. Depreciation is budgeted at $2,790 for the month 70% $86,800, exclusive of depreciation. These expenses will Required: 1 Using the information provided, calculate or prepare the following a. The budgeted cash collections for October 1 of 2 Next >