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anyone can help? (Req1a-Req2e) Please try to write clearly and make sure everything can be seen . Thank you:) Wheeling Company is a merchandiser that
anyone can help? (Req1a-Req2e) Please try to write clearly and make sure everything can be seen . Thank you:)
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 $59,000 158,000 78,300 268,000 $ 563,300 Liabilities and Stockholders' Equity Accounts payable 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: $ 212,800 216,000 134,500 $563,300 1. Sales are budgeted at $580,000 for October and $590,000 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 remaining 60% is collected in the following month. All of the September 30 accounts receivable will be collected in October. 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following month's cost of goods sold. 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid for in the following month. All of the September 30 accounts payable to suppliers will be paid during October. 4. Selling and administrative expenses for October are budgeted at $87,800, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,680 for the month. Required: 1. Using the information provided, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. The budgeted net operating income for October. e. A budgeted balance sheet at October 31. 2. Assume the following changes to the underlying budgeting assumptions: (1) 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Using these new assumptions, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 1C Req ID Prepare the budgeted cash collections for October. Budgeted cash collections for October Req 1E Req 2A Req 28 Req 2C Req 2 Req 2E Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 1C Req 1D Req 1E Prepare the budgeted merchandise purchases for October. Budgeted merchandise purchases for October Req 2A Req 2B Req 2C Req 2D Reg 2E Complete this question by entering your answers in the tabs below. Req ID Req IE Req 2A Prepare the budgeted cash disbursements for merchandise purchases for October. Budgeted cash disbursements for merchandise purchases for October Req 1A Req 18 Req IC Req 28 Req 20 Reg 2D Reg 2E Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 1C Req ID Req 1E Prepare the budgeted net operating income for October. Budgeted net operating income for October Req 2A Req 28 Req 2C Req 2D Req 2E Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 1C Prepare a budgeted balance sheet at October 31, Wheeling Company Balance Sheet October 31 Assets Total assets Liabilities and Stockholders' Equity Req 1D Total liabilities and stockholders' equity Req 1E Req 2A Req 28 Reg 2C Req 2D Req 2E Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 1C Req 1D Budgeted cash collections for October Req 28 Req 1E Req 2A Req 2C Prepare the budgeted cash collections for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Reg 20 Reg 2E Show less A Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 1C Req 1E Req 2A Prepare the budgeted merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise Inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Req 10 Budgeted merchandise purchases for October Req 28 Req 2C Req 2D Req 2E Show less A Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Req 1C Req 10 Req 1E Req 2A Req 28 Req 2C Prepare the budgeted cash disbursements for merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Budgeted cash disbursements for merchandise purchases for October Req 2D Reg 2E Show less A Complete this question by entering your answers in the tabs below. Budgeted net operating income for October Req 1A Req 18 Req 1C Req 1D Req 1E Prepare the net operating income for the month of October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise Inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show less A Req 2A Req 28 Req 2C Req 2D Reg 2E Req 1A Req 18 Assets Req 1C Req 1D Wheeling Company Balance Sheet October 31 Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Reg 1E Req 2A Req 2B Prepare a budgeted balance sheet at October 31. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise Inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Reg 2C Req 2D Reg 2E Show less A Step by Step Solution
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