Answered step by step
Verified Expert Solution
Question
1 Approved Answer
c , d and e please , i will leave a good review thank you this is a and b sorry about that Weller Industrial
c , d and e please , i will leave a good review thank you
this is a and b sorry about that
Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow . Sales are budgeted at $340,000 for November, $360,000 for December, and $350,000 for January Collections are expected to be 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 80% 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 $20,200. Monthly depreciation is $20,000 . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise Inventory Property, plant and equipment (net of $586,000 accumulated depreciation) Total assets $ 21,000 82.000 204,000 996,000 $1,303,000 Liabilities and shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity $ 195,000 510.000 598,000 $1,303,000 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 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 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 0 0 $ 0 $ 0 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 Required E Prepare Budgeted Income Statements for November and December November December Sales Cost of goods sold 0 0 Other monthly expenses Depreciation $ 0 $ - - 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 Required E Prepare a Budgeted Balance Sheet for the end of December. Balance Sheet December 31 Assets Cash Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets $ 0 Liabilities and Shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity 0 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started