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Student Login | Trid... Employee Self-Servi... Login | Salesforce Home CNSSS : Home Trident Main Site... Calendar - Events - rs 6-10 Saved Help Save & Exit Submit Check my work Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $380,000 for November, $400,000 for December, and $390,000 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 72% of sales. The company desires an ending merchandise inventory equal to 85% 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 $21,000. Monthly depreciation is $20.800 lgnore taxes. Balance Sheet October 31 Assets Accounts receivable Merchandise inventory Property, plant and equipment (net of $608, eee accumulated depreciation) Total assets $ 21,880 82, see 232, 560 1,018, eee $1,355,168 12:49 PM 2/17/2020 ere to search TC0312 6-10 1 Saved Help Save & E Ched Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $608,000 accumulated depreciation) Total assets $ 21,800 82,800 232,560 1,018, 020 $1,355,160 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 195,800 590,000 569, 360 $1,355,160 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 search Complete this question by entering your answers in the tabs below. Required A Required B Required C 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 | Required A Required B > o search Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. November December Budgeted cost of goods sold Total needs Required purchases to search Required A Required B Required C Required D Required E Prepare Cash Budgets for November and December November December Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance o search Saved Required A Required B Required C Required D Required E Prepare Budgeted Income Statements for November and December November December Sales Cost of goods sold Other monthly expenses Depreciation | to search Required A Required B Required C Required D Reqyired E Prepare a Budgeted Balance Sheet for the end of December Balance Sheet December 31 Assets Cash Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets L Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity earch