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B Problem Qu. 8-224 Weller Industrial Gas Corporation ... Jeller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's
"B Problem Qu. 8-224 Weller Industrial Gas Corporation ... Jeller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operatio ollow Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January Collections are expected to be 70% in the month of sale and 30% In the month following the sale. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 75% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $20,700. Monthly depreciation is $20,500. Ignore taxes. Balance Sheet October 31 unt aceivable 113ventory SRAM and equipent not of $592,000 accumulated deprecia 21,500 82,500 180,000 001, 000 1,285,000 and Stockholders Equi 195,500 560,000 529,500 $1,285,000 and stockholders aquie Next Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December. c. Prepare Cash Budgets for November and December. d. Prepare Budgeted Income Statements for November and December. e. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Requirche Required E Prepare a Schedule of Expected Cash Collections for November and December. November December Sales Schedule of Expected Cash Collections Accounts receivable November sales - December sales Total cash collections S ols o Required B > Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. November December Budgeted cost of goods sold Add: Desired ending merchandising inventory Total needs Less: Beginning merchandise inventory Required purchases 0 0 $ 0S 0 Required A Requ Required A Required B Required C Required D Required E Prepare Cash Budgets for November and December. November December Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements $ 0 0 0 0 Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance S0S Required A Required B Required C Required D Red Prepare Budgeted Income Statements for November and Dec November December Sales Cost of goods sold 0 Other monthly expenses Depreciation SOS
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