Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $410,000 for December, and $400,000 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 73% of sales. The company desires an ending merchandise inventory equal to 80% 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 $20,900. Monthly depreciation is $20.700. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $593,000 accumulated depreciation) Total assets $ 21,700 82,700 227,760 1,003,000 $1,335,160 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 195,700 580,000 559,460 $1,335,160 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. 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 $ 0 $ 0 Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $410,000 for December, and $400,000 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 73% of sales. The company desires an ending merchandise inventory equal to 80% 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 $20,900. Monthly depreciation is $20,700. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $593,000 accumulated depreciation) Total assets $ 21,700 82,700 227,760 1,003,000 $1,335,160 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 195, 700 580,000 559,460 $1,335,160 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. 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 0 0 Required purchases 0 $ 0 Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow. Sales are budgeted at $390,000 for November, $410,000 for December, and $400,000 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 73% of sales. The company desires an ending merchandise inventory equal to 80% 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 $20.900. Monthly depreciation is $20,700. . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $593,000 accumulated depreciation) Total asset $ 21,700 82,700 227,760 1,003,000 $1,335,160 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 195,700 580,000 559,460 $1,335,160 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 Complete this question by entering your answers in the tabs below. Required Required Required Required Required B D E Prepare Cash Budgets for November and December. November December Cash disbursements for merchandise Other monthly cash expenses Total cash disbursements S 0 S 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 S 0 S 0 Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $410,000 for December, and $400,000 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 73% of sales. The company desires an ending merchandise inventory equal to 80% 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 $20,900. Monthly depreciation is $20,700. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $593,000 accumulated depreciation) Total asets 21,700 82,700 227,760 1,003,000 $1,335,160 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 195,700 580,000 559,460 $1,335,160 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. Complete this question by entering your answers in the tabs below. 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 0 Other monthly expenses Depreciation $ 0 $ Complete this question by entering your answers in the tabs below. 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 Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $