Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 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 69% of sales. . The company desires an ending merchandise inventory equal to 70% 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 $22,300 Monthly depreciation is $22,100. Ignore taxes . . . Balance Sheet October 31 Assets Cash Accounts receivable Merchandise Inventory Property, plant and equipment (net of $605,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 23,100 54,100 169,050 1.215,000 $ 1,291,250 $ 197,100 950,000 144 150 $ 1,291,250 Prey 1 of 21 Next > 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 350,000 $ 370,000 Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections $ 84 100 280,000 $ 70,000 296,000 366,000 $ 364,100 $ Required Required B > Prey 1 of 21 Next > 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 Required D Required E Prepare a Merchandise Purchases Budget for November and December Budgeted cost of goods sold Add: Desired ending merchandising inventory Total needs Less: Beginning merchandise inventory Required purchases November December $ 241,500 $ 255,300 178,710 173,880 420,210 429,180 178,710 $ 420,210 $ 250,470 Prey 1 of 21 BH Next > . Prepare Cash Budgets for November and December. 3. Prepare Budgeted Income Statements for November and December 2. 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 Required D Required E Prepare Cash Budgets for November and December. November December $ 0 $ 0 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 0 0 0 0 $ 0 $ Doud Domnicad Prey 1 of 21 Next > ons for November and Dece 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 0 Other monthly expenses Depreciation $ 0 $ 0 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 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 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 0 $ 0 Prey 1 of 21 BRE Next Search
