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05:17 TB Problem Qu. 8-209 (Algo) Weller Industrial Gas Corporation... Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $300,000 for November, $320,000 for December, and $310,000 for January. Collections are expected to be 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 76% 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 $20,600. Monthly depreciation is $20,400. . Ignore taxes. Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment (net of $590,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 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. $ 21,400 82,400 182,400 1,000,000 $ 1,286,200 $ 195,400 550,000 540, 800 $ 1,286,200 nts 02:05:07 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. Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections November e. Prepare a Budgeted Balance Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November Required C Prepare Cash Budgets for November and December. 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 Required A Required B Sales Cost of goods sold Required C Other monthly expenses Depreciation Required D Prepare Budgeted Income Statements for November and December. November December persoon 11 10 points X 02:04:41 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D 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 Required E