Managerial accounting, Weldon Industrial Gas Corporation supplies acetylene and other, Managerial Accounting

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.

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages

Managerial accounting, Managerial Accounting

Related Discussions:- Managerial accounting

What are the features of performance budgeting, What are the features of pe...

Homework Assistance, Need a quote to complete my homework.

Operating Decisions, 11.1 Process Solutions provides a computer-based docu...

How can improvement in product design - cost reduction, Improvement in prod...

Ratio analysis, importance of ratio analysis

Calculate the direct materials costs, XYZ Industries manufactures electroni...

Budgets and budgetary control., static budget

Cross elasticity of demand, what is cross elasticity of demand? is it posit...

Assignment help, Assignment help

Determine the current ratio - liquidity ratios, Current ratio Meaning:...

Write Your Message!

Featured Services

Online Tutoring

Project Development

Exam Preparation

Course Help

Assignment Help

Popular Subjects

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT