90.2K

Verified Solution

Link Copied!

Please complete all requirements for a thumbs up thankyou!

Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below. Wheeling Company Balance Sheet September 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Metained carnings Total stabilities and stockholders' equity $ 71,600 122,000 54,000 279,000 $ 526,600 $ 155,600 216,000 155,000 S2000 The company is in the process of preparing a budget for October and has assembled the following data 1 Sales are budgeted at $400.000 for October and $410,000 for November of these sates 35% will be for cash: the remainder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining 60% is collected in the following month. All of the September 30 accounts receivable will be collected in October 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise Inventory is always 30% of the following month's cost of goods sold. 3. All merchandise purchases are on account. Thirty percent of all purchases are paid for in the month of purchase and 70% are paid for in the following month. All of the September 30 accounts payable to suppliers will be paid during October 4. Selling and administrative expenses for October are budgeted at $86000 exclusive of depreciation. These expenses will be paid in cash Depreciation is budgeted at $2.790 for the month complete this question by entering your answers in the tabs below. Reg 1A Reg 10 Reg 10 Reg 1E Reg 2A Reg 2B Reg 2c Reg 2D Req 2E Prepare the budgeted cash collections for October Budgeted cash collections for October Req 18 ) Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 2c Reg 20 Reg 2 Reg 1A Reg 18 Req 10 Req ID Regle Prepare the budgeted merchandise purchases for October Budgeted merchandise purchases for October Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Req ID Reg 1 Reg 2a Req 2c Reg 2D Reg 2E Prepare the budgeted net operating Income for October, Budgeted net operating income for October Complete this question by entering your answers in the tabs below Book Req IA Reg 1B Reg 1C Req ID Reg IE Reg 2A Reg 28 Reg 2C Reg 20 Reg 2E Print Prepare a budgeted balance sheet at October 31 eferences Wheeling Company Balance Sheet October 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders equity Complete this question by entering your answers in the tabs below. Reg LA Reg 1B Reg 10 Reg 10 Reg 1 Reg 2 Reg 2 Reg 2c Reg 20 Reg 2E Prepare the budgeted cash collections for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month Show less Budgeted cash collections for October Complete this question by entering your answers in the tabs below. Reg 1A Req 10 Req 1C Reg 1D Regle Red 2A Real Red 2C Reg 2D Reg 2 Prepare the budgeted merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise Inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month Show less Budgeted merchandise purchases for October Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1c Reg 1D Reg DE Reg 2A Reg 20 Reg 20 Reg 20 Reg 2 Prepare the budgeted cash disbursements for merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise Inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month, Show less Budgeted cash disbursements for merchandise purchases for October Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Regic Reg 1D Reg 1E Req 2A Reg 28 Reg 20 Red 20 Reg 2 Prepare the net operating income for the month of October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show less Budgeted net operating income for October ( Req2C Req2E> Reg 1A Reg 1B Req 1C Req ID Req 1E Req 2A Req 2B Req 2c Req 2D Req 2E Prepare a budgeted balance sheet at October 31. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Show less Wheeling Company Balance Sheet October 31 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity

Answer & Explanation Solved by verified expert

See Answer