User Account

All Pages

Managerial accounting, Managerial Accounting

Assignment Help:
Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store''s operations follow:
500
Garrison, Managerial Accounting, 12th Edition
• •
• •
• • •
Sales are budgeted at $360,000 for November, $380,000 for December, and $350,000 for January. Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible.
The cost of goods sold is 65% of sales. The company purchases 60% of its merchandise in the month prior to the month
of sale and 40% in the month of sale. Payment for merchandise month following the purchase. Other monthly expenses to be paid in cash are $21,900.
Monthly depreciation is $20,000. Ignore taxes.
Statement of Financial Position October 31
Assets Cash .............................................................................................
Accounts receivable (net of allowance for uncollectible accounts)..........................
Inventory ..................................................................................... Property, plant and equipment
(net of $500,000 accumulated depreciation) ........................... Total assets ..................................................................................
Liabilities and Stockholders’ Equity Accounts payable ........................................................................ Common stock............................................................................. Retained earnings ........................................................................ Total liabilities and stockholders’ equity ....................................
is made in the
$ 16,000
74,000 140,400
1,066,000 $1,296,400
$ 240,000 640,000 416,400 $1,296,400
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.

Related Discussions:- Managerial accounting

Illustrate what the traffic can bear pricing, What the traffic can bear pri...

What the traffic can bear pricing Pricing based on what the traffic can bear is not a sophisticated method. It is used by retail traders as well as by some manufacturing firms.

Managerial accounting, I need help with a solution in the Cornerstones of F...

I need help with a solution in the Cornerstones of Financial and Managerial Accounting textbook, Chapter 11, problem 11-51B on page 578. I need to create a statement of cash flows

Predetermined Overhead Rate, Logan Products computes its predetermined over...

Logan Products computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year, it estimated that 39,000 direct labor-hours would

Decision making, Trinco Ltd (Trinidad & Tobago-T&T) has been negotiating a ...

Trinco Ltd (Trinidad & Tobago-T&T) has been negotiating a contract with a potential customer in Jamaica. Before the negotiations started the Jamaican company agreed to pay $10,000

Time series analysis, what is semi average trend analysis using regression ...

what is semi average trend analysis using regression analysis method?

Characteristics of current assets, Working Capital management is affected t...

Working Capital management is affected through two characteristics of current assets that are as follows (i) short life span (ii) swift transformation in the other asset forms.

Working capital management, A managerial accounting strategy focusing mainl...

A managerial accounting strategy focusing mainly on maintaining efficient levels of both components of working capital that is current assets and current liabilities, with respect

Standard error of estimate , Standard error of estimate (Se) The coeffi...

Standard error of estimate (Se) The coefficient of determination r 2 gives us an indication of the reliability of the estimate of total cost based on the regression equation b

How much must you deposit each year to reach your goal, Right now you are 2...

Right now you are 20 years old and you have decided that you want to have $2,000,000 in the bank when you turn 65 years old. How much must you deposit each year to reach your goal

Quantitative , whats a zero sum game

whats a zero sum game

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd