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Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $230,000 for November, $240,000 for December, and

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Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $230,000 for November, $240,000 for December, and $220,000 for January Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 80% of sales. The company desires an ending merchandise inventory equal to 30% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $58,000. The November beginning balance in the accounts payable account is $245,000 Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Schedule of Expected Cash Collections for November and December. November December $ 230,000 s 240,000 $ Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections 58,000 133.000 $ 191.000$ Roured Required B Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales are budgeted at $230,000 for November, $240,000 for December, and $220,000 for January Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 80% of sales. The company desires an ending merchandise inventory equal to 30% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. The November beginning balance in the accounts receivable account is $58,000. The November beginning balance in the accounts payable account is $245,000. Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Merchandise Purchases Budget for November and December Merchandise Purchases Budget Cost of goods sold November December Total needs 0 0 Required purchases $ 0 $ 0

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