Reference no: EM13789260
Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:
o Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January.
o Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible.
o The cost of goods sold is 65% of sales.
o The company desires ending merchandise inventory to equal 80% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
o Other monthly expenses to be paid in cash are $21,000.
o Monthly depreciation is $16,000.
o Ignore taxes. 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.
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: Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January. Prepare a Schedul..
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