Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below:
Prepare the budgeted cash collections for October. Budgeted cash collections for OctoberPrepare the budgeted merchandise purchases for October. Budgeted merchandise purchases for OctoberPrepare the budgeted cash disbursements for merchandise purchases for October. Budgeted cash disbursements for merchandise purchases for OctoberPrepare the budgeted net operating income for October. Budgeted net operating income for OctoberPrepare a budgeted balance sheet at October 31. Wheeling Company Balance Sheet October 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net Total assets 69 0 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 04 .. u u u u. __________________ 4.: u .. II I Prepare the budgeted cash collections for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2} the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and BD% are paid for in the following month. Show less; Prepare the budgeted merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month,r (2} the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show IE'SS'. Prepare the budgeted cash disbursements for merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2] the ending merchandise inventory is always 10% of the following month's cost of goods soldr and (3} 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show Ina-55' JLlIJLILlLlLlLll __________________ jI Prepare the net operating income for the month of Dctober. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, {2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show least L Prepare a budgeted balance sheet at October 31. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month. {2} the ending merd'iandise inventory is always 10% of the following month's cost of goods sold,r and [3} 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show less.' Tutal assets In Liabilities and Stockholders Equity _ Total liabilities and stockholders equity Assets Cash $ 51,366 Accounts receivable 1?B,B Inventory 86,436 Buildings and equipment, net of depreciation 249,366 Total assets $ 555,433 Liabilities and Stockholders' Equity Accounts payable $ 21?,966 Common stock 216,B Retained earnings 132,536 Total liabilities and stockholders' equity 5 555,499
