Question: I'm having problems with C,D,E... please help me! 10.00 points Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the

 I'm having problems with C,D,E... please help me! 10.00 points Weldon
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
I'm having problems with C,D,E... please help me!

10.00 points Weldon 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, 17% in the month following the sale, and 3% uncollectible The cost of goods sold is 69% 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 $19.900. Monthly depreciation is $14,900 Ignore taxes. Balance Sheet October 31 Assets Cash 20,900 Accounts receivable (net of allowance for uncollectible accounts) 80.900 Merchandise Inventory 193,200 Property, plant and equipment (net of S649,000 accumulated depreciation) 1,170,000 1,465,000 Total assets Liabilities and Stockholders' Equity Accounts payable 197,900 Common stock 720,000 Retained earnings 547,100 Total liabilities and stockholders' equity 1,465,000 Required: a. Prepare a Schedule of Expected Cash Collections for November and December

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!