Homework Help is Here – Start Your Trial Now!
Business
Economics
Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: • Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January. ⚫ Collections are expected to be 70% in the month of sale and 30% in the month following the sole. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 75% 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 $20,700. Monthly depreciation is $20,500. . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $591,000 accumulated depreciation) Total assets Liabilities and Shareholder's Equity Common shares Accounts payable Retained earnings Total liabilities and shareholder's equity Required: a. Prepare & 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. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November December 0 S 0 21,500 82,500 180,000 1,001,000 $1,285,000 $ 195,500 560,000 529,500 $1,285,000

Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: • Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January. ⚫ Collections are expected to be 70% in the month of sale and 30% in the month following the sole. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 75% 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 $20,700. Monthly depreciation is $20,500. . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $591,000 accumulated depreciation) Total assets Liabilities and Shareholder's Equity Common shares Accounts payable Retained earnings Total liabilities and shareholder's equity Required: a. Prepare & 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. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November December 0 S 0 21,500 82,500 180,000 1,001,000 $1,285,000 $ 195,500 560,000 529,500 $1,285,000

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: • Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January. ⚫ Collections are expected to be 70% in the month of sale and 30% in the month following the sole. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 75% 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 $20,700. Monthly depreciation is $20,500. . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $591,000 accumulated depreciation) Total assets Liabilities and Shareholder's Equity Common shares Accounts payable Retained earnings Total liabilities and shareholder's equity Required: a. Prepare & 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. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November December 0 S 0 21,500 82,500 180,000 1,001,000 $1,285,000 $ 195,500 560,000 529,500 $1,285,000
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 $320,000 for November, $340,000 for December, and $330,000 for January. ⚫ Collections are expected to be 70% in the month of sale and 30% in the month following the sole. The cost of goods sold is 75% of sales. The company desires an ending merchandise inventory equal to 75% 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 $20,700. Monthly depreciation is $20,500. . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $591,000 accumulated depreciation) Total assets Liabilities and Shareholder's Equity Common shares Accounts payable Retained earnings Total liabilities and shareholder's equity Required: a. Prepare & 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. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December. Budgeted cost of goods sold Total needs Required purchases November December 0 S 0 21,500 82,500 180,000 1,001,000 $1,285,000 $ 195,500 560,000 529,500 $1,285,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS