Reference no: EM132825023
Question - Weller 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 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 74% 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 $20,800. Monthly depreciation is $20,600. Ignore taxes.
Assets
Cash 21,600
Accounts receivable 82,600
Merchandise inventory 181,300
Property, plant and equipment (net of accumulated depreciation) 1,002,000
Total assets $1,287,500
Liabilities and Stockholders' Equity
Accounts payable 195,600
Common stock 570,000
Retained earnings 521,000
Total liabilities and stockholders' equity 1,287,500
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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Prepare machinery account and depreciation account
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