Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's...

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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 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 70% 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 $21,300. Monthly depreciation is $21,100. Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $595,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required: $ 22,100 83,100 161,700 1,005,000 $ 1,271,900 $ 196,100 630,000 445,800 $ 1,271,900 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 December $ 0 $ 0 Required A Required B > 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 December 0 0 $ 0 $ < Required A Required C > Required A Required B Required C Required D Required E 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 B November December $ 0 $ 0 0 0 0 $ 0 $ 0 Required D > 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. Sales Cost of goods sold Other monthly expenses Depreciation November December 0 0 $ 0 $ 0 < Required C Required E > Required A Required B Required C Required D Required E Prepare a Budgeted Balance Sheet for the end of December. Assets Cash Accounts receivable Balance Sheet December 31 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 D $ 0 $ Required E > 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 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 70% 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 $21,300. Monthly depreciation is $21,100. Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $595,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required: $ 22,100 83,100 161,700 1,005,000 $ 1,271,900 $ 196,100 630,000 445,800 $ 1,271,900 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 December $ 0 $ 0 Required A Required B > 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 December 0 0 $ 0 $ < Required A Required C > Required A Required B Required C Required D Required E 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 B November December $ 0 $ 0 0 0 0 $ 0 $ 0 Required D > 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. Sales Cost of goods sold Other monthly expenses Depreciation November December 0 0 $ 0 $ 0 < Required C Required E > Required A Required B Required C Required D Required E Prepare a Budgeted Balance Sheet for the end of December. Assets Cash Accounts receivable Balance Sheet December 31 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 D $ 0 $ Required E >