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.

Balance Sheet

October 31

Assets

Cash $ 21,000

Accounts receivable 82,000

Merchandise inventory 204,000

Property, plant and equipment (net of $586,000 accumulated depreciation) 996,000

Total assets $ 1,303,000

Liabilities and Shareholder's Equity

Accounts payable $ 195,000

Common shares 510,000

Retained earnings 598,000

Total liabilities and shareholder's equity $ 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.

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. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $586, ce accumulated depreciation) Total assets Liabilities and Shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity 5 21,000 82,800 204,000 996,000 $1,303,000 $ 195,000 518,000 598,000 $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