Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry, Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 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 74% 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 $21700. Monthly depreciation is $21,500. Ignore taxes. Balance Sheet October 31 Assets Canh Accounts receivable Merchandise inventory Property, plant and equipment (net of $599,000 accumulated depreciation) Total assets 22,500 83,500 219,040 1,009,000 $1,334,040 Liabilities and Stockholders' Equity Accounts payable Common stock Metained earnings Total liabilities and stockholders' equity $196,500 670,000 467,540 $1,334,040 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 Required A Required B Complete this question by entering your answers in the tabs below. Required A Required B Required 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 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Prepare Cash Budgets for November and December. 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 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 0 Other monthly expenses Depreciation 0 $ 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
