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Say 2 Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry, Dato regarding the store's operations follow nts 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. 00:58:43 Book Balance Sheet October 31 Asseto Cash Accounts receivable Merchandise inventory Property, plant and equipment (set of 3586,000 accumulated depreciation) Total assets Liabilities and shareholder's quity Accounts payable Comon shares Betained earnings Total abilities and shareholder's quity 21,000 12.000 204,000 295.000 31.103,000 $ 195,000 510,000 59.000 51,305,000 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 $ 195,000 510,000 598,000 $1,303,000 58:24 a 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. November Required a Required B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and December. December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections $ Required Required B > 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 0:58:08 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. OOK Required A Required Required cRequired D Required E Prepare a Merchandise Purchases Budget for November and December November December Budgeted cost of goods sold Total needs 0 0 Required purchases $ OS 0 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. 00:57:50 Required A Required B Required C Required D Required E Prepare Cash Budgets for November and December Book November December Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements $ 0 $ 0 0 0 Beginning cash balance Add cash receipts Total cash available Less cash disbursements Excess (deficiency) of cash available over disbursements Financing Ending cash balance 0 0 $ 0 $ 0 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. 8 Required A Required B Required Required D Required E Prepare Budgeted Income Statements for November and December November December Sales Cost of goods sold 0 0 Other monthly expenses Depreciation $ 0 $ Exam Saved 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. 26 Required A Required B Required C Required D Required 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 $ 0 Liabilities and Shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity s 0
