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 02 Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $586,000 accumulated depreciation) Total assets Liabilities and shareholder's quity Accounts payable Coomon shares Retained earnings Total liabilities and shareholder's equity 21,000 82,000 204,000 996,000 $1,303,000 $ 195,000 310.000 590,000 $1,305,000 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 Liabilities and Shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity $ 195, 510, 598, $1,303, 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 Required D 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 $ 0 $ 0 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Prepare a Merchandise Purchases Budget for November and December November December Budgeted cost of goods sold 0 0 Total needs $ 0 $ 0 Required purchases
