Complete this question by entering your answers in the tabs below. Prepare the budgeted cash disbursements for merchandise purchases for october. Assume that so\% 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 onding 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 8056 are paid for in the following month. Buffoeted cash ditbursements for merchundise purchases tor Octoher Complete this question by entering your answers in the tabs below. Prepare the net operating income for the month of Octobor. Assume that 50% of a month's credit sales are collocted in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandse 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. Complete this question by entering your answers in the tabs below. 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 are pald for in the following month. Complete this question by entering your answers in the tabs below. Prepare the budgeted merchandise purchases for October. Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet at October 31 . Complete this question by entering your answers in the tabs below. Prepare the budgeted net operating income for October. Complete this question by entering your answers in the tabs below. 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 son? are paid for in the following month. Complete this question by entering your answers in the tabs below. 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. Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below The company is in the process of preparing a budget for October and has assembled the following data: 1. Sales are budgeted at $340,000 for October and $350,000 for November. Or these sales, 35% will be for cast, 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 recepvable 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 705 are paid for in the folfowing month. All of the September 30 accounts payable to suppliers will be paid duting October 4. Selling and administrative expenses for October are budgeted at $83,000, exclusive of depreciation. These expenses wil be paid in cash. Depreciation is budgeted at \$2,170 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 Octobet c. A budgeted balance sheet at October 31 . 2. Assume the following changes to the underlying budgeting assurnptions. (1) 50% of a month's credit sales ore collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory it always 10% of the folowing month's cost of goods soid, and (3) 20% of all purchases are paid for in the month of purchase and 803 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 betow. Wrepare the bidgeted cash collections for october
