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d and e please Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: - Sales are
d and e please
Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: - Sales are budgeted at $330,000 for November, $350,000 for December, and $340,000 for January. - Collections are expected to be 80% in the month of sale and 20% in the month following the sale. - The cost of goods sold is 70% of sales. - The company desires an ending merchandise inventory equal to 70% 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 $21,300. - Monthly depreciation is $21,100. - Ignore taxes. 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. Required: a. Prepare a Schedule of Expected Cash Collections for November and Decembe 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. Prepare Budgeted Income Statements for November and December. \begin{tabular}{|l|l|} \hline \multicolumn{1}{|l|}{ Balance Sheet } \\ \hline Assets \\ \hline Cash & December 31 \\ \hline Accounts receivable & \\ \hline Inventory & \\ \hline Property, plant and equipment (net of accumulated depreciation) & \\ \hline Total assets & \\ \hline & \\ \hline Liabilities and Shareholder's Equity & \\ \hline Accounts payable & \\ \hline Common shares & \\ \hline Retained earnings & \\ \hline Total liabilities and shareholder's equity & \\ \hline \end{tabular} Step by Step Solution
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