Question: I need this answer for my Accounting study. Thank you. Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the

I need this answer for my Accounting study. Thank you.

I need this answer for my Accounting study. Thank you. Weller IndustrialGas Corporation supplies acetylene and other compressed gases to industry. Data regarding

Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: . Sales are budgeted at $330,000 for November, $350,000 for December, and $340,000 for January. . Collections are expected to be 70% in the month of sale and 30% in the month following the sale. . The cost of goods sold is 67% of sales. . The company desires an ending merchandise inventory equal to 85% 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 $22,100. . Monthly depreciation is $21,900. . Ignore taxes. Balance Sheet October 31 Assets Cash $ 22,900 Accounts receivable 83,900 Merchandise inventory 187,935 Property, plant and equipment (net of $603,000 accumulated depreciation) 1,013,000 Total assets $1,307,735 Liabilities and Stockholders' Equity Accounts payable $ 196,900 Common stock 710,000 Retained earnings 400,835 Total liabilities and stockholders' equity $1,307,735 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!