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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 $300,000 for November, $320,000 for December, and $310,000 for January. • Collections are expected to be 75% in the month of sale and 25% in the month following the sale. .The cost of goods sold is 76% 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 $20,600. Monthly depreciation is $20,400. • Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $590,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. . Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December. Prepare Budgeted Income Statements for November and December. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. $ 21,400 82,400 182,400 1,000,000 $ 1,286,200 $ 195,400 550,000 540,800 $ 1,286,200 Cequired A Required B Required C Required D Required E

Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: • Sales are budgeted at $300,000 for November, $320,000 for December, and $310,000 for January. • Collections are expected to be 75% in the month of sale and 25% in the month following the sale. .The cost of goods sold is 76% 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 $20,600. Monthly depreciation is $20,400. • Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $590,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. . Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December. Prepare Budgeted Income Statements for November and December. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. $ 21,400 82,400 182,400 1,000,000 $ 1,286,200 $ 195,400 550,000 540,800 $ 1,286,200 Cequired A Required B Required C Required D Required E

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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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 $300,000 for November, $320,000 for December, and $310,000 for January. • Collections are expected to be 75% in the month of sale and 25% in the month following the sale. .The cost of goods sold is 76% 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 $20,600. Monthly depreciation is $20,400. • Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $590,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. . Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December. Prepare Budgeted Income Statements for November and December. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. $ 21,400 82,400 182,400 1,000,000 $ 1,286,200 $ 195,400 550,000 540,800 $ 1,286,200 Cequired A Required B Required C Required D Required E
Transcribed Image Text:Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: • Sales are budgeted at $300,000 for November, $320,000 for December, and $310,000 for January. • Collections are expected to be 75% in the month of sale and 25% in the month following the sale. .The cost of goods sold is 76% 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 $20,600. Monthly depreciation is $20,400. • Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $590,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December. . Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December. Prepare Budgeted Income Statements for November and December. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. $ 21,400 82,400 182,400 1,000,000 $ 1,286,200 $ 195,400 550,000 540,800 $ 1,286,200 Cequired A Required B Required C Required D Required E
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