Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:
Sales are budgeted at $ for November, $ for December, and $ for January.
Collections are expected to be in the month of sale, in the month following the sale, and uncollectible.
The cost of goods sold is of sales.
of sale and in the month of sale. Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $
Monthly depreciation is $
e taxes.
Statement of Financial Position
October
Assets
Cash
Accounts receivable
net of allowance for uncollectible accounts
Inventory.
Property, plant and equipment
net of $ accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Accounts payable
Common stock
Retained earnings
Total liabilities and stockholders' equity
$
table
