Please do not give solution in image format thanku Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:. Sales are budgeted at $250,000 for November, $260,000 for December, and $240,000 for JanuaryCollections are expected to be 40% in the month of sale and 60% in the month following the sale.The cost of goods sold is 70% of sales.The company desires an ending merchandise inventory equal to 20% of the cost of goods sold in the following month. Paymentfor merchandise is made in the month following the purchase.The November beginning balance in the accounts receivable account is $60,000The November beginning balance in the accounts payable account is $247,000.Required:a. Prepare a Schedule of Expected Cash Collections for November and Decemberb. Prepare a Merchandise Purchases Budget for November and DecemberComplete this question by entering your answers in the tabs below.Required A Required BPrepare a Schedule of Expected Cash Collections for November and DecemberSalesSchedule of Expected Cash CollectionsNovemberCapes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:Sales are budgeted at $250,000 for November, $260,000 for December, and $240,000 for JanuaryCollections are expected to be 40% in the month of sale and 60% in the month following the sale.The cost of goods sold is 70% of sales.The company desires an ending merchandise inventory equal to 20% of the cost of goods sold in the following month. Paymentfor merchandise is made in the month following the purchase.. The November beginning balance in the accounts receivable account is $60,000.The November beginning balance in the accounts payable account is $247,000.DecemberRequired:a Prepare a Schedule of Expected Cash Collections for November and December.b. Prepare a Merchandise Purchases Budget for November and December.Complete this question by entering your answers in the tabs below.Tutal needsRequired A RequinPrepare a Merchandise Purchases Budget for November and December.Merchandise Purchases BudgetNovember DecemberCost of goods soldRequired purchases

Lets understand the basics.Budget is prepared to estimate future variables. Management prepares…

. Sales are budgeted at $250,000 for November, $260,000 for December, and $240,000 for January . Collections are expected to be 40% in the month of sale and 60% in the month following the sale. . The cost of goods sold is 70% of sales The company desires an ending merchandise inventory equal to 20% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. . The November beginning balance in the accounts receivable account is $60,000. . The November beginning balance in the accounts payable account is $247,000 Required: & Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December Complete this question by entering your answers in the tabs below.

. Sales are budgeted at $250,000 for November, $260,000 for December, and $240,000 for January . Collections are expected to be 40% in the month of sale and 60% in the month following the sale. . The cost of goods sold is 70% of sales The company desires an ending merchandise inventory equal to 20% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. . The November beginning balance in the accounts receivable account is $60,000. . The November beginning balance in the accounts payable account is $247,000 Required: & Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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