Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
"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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions