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Welnor industrial gas corporation supplies acetylene and

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Reference no: EM13582778

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.Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible.

  • Welnor Corporation
  • Balance Sheet
  • October 31, 2011
  • ASSETS
  • Cash $ 22,000
  • Accounts receivable (net of allowance for uncollectible accounts) 82,000
  • Merchandise inventory 166,400
  • Common stock 840,000
  • Retained earnings 401,400
  • Total liabilities and stockholders' equity $ 1,440,000

On the following page, prepare Schedules of Expected Cash Collections for November and December in good form. Ignore taxes.

Reference no: EM13582778

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