Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the...
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Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: - Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 for January. - Collections are expected to be 80% in the month of sale and 20% in the month following the sale. - The cost of goods sold is 69% of sales. - The company desires an ending merchandise inventory equal to 80% of the cost of goods sold in the following month. - Payment for merchandise is made in the month following the purchase. - Other monthly expenses to be paid in cash are $20,100. - Monthly depreciation is $19,900. - Ignore taxes. 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. Complete this question by entering your answers in the tabs below. Prepare a Schedule of Expected Cash Collections for November and December
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