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Capes Corporation is a wholesaler of Industrial goods. Data regarding the store's operations follow: 9 Sales are budgeted at $390,000 for November, $400,000 for December, and $380,000 for January Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 80% of sales. The company desires an ending merchandise inventory equal to 35% of the cost of goods sold in the following month. Payment The November beginning balance in the accounts receivable account is $74,000. The November beginning balance in the accounts payable account is $261,000. 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 Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections Required Required > Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: 9 Sales are budgeted at $390,000 for November, $400,000 for December, and $380,000 for January . Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 80% of sales. The company desires on ending merchandise inventory equal to 35% 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 $74,000 The November beginning balance in the accounts payable account is $261,000. 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 Prepare a Merchandise Purchases Budget for November and December November December Merchandise Purchases Budget Cost of goods sold Total needs Required purchases
