Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $360,000 for November, $380,000 for December, and $370,000 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 74% 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 $22,400. Monthly depreciation is $22,200. Ignore taxes. Balance Sheet October 31 Assets Cash $ 23,200 Accounts receivable 84,200 Merchandise inventory 199,800 Property, plant and equipment (net of $606,000 accumulated depreciation) 1,016,000 Total assets $ 1,323,200 Liabilities and Stockholders' Equity Accounts payable $ 197,200 Common stock 610,000 Retained earnings 516,000 Total liabilities and stockholders' equity $ 1,323,200 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. please solve all on excel part (A-B-C-D-E)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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 $360,000 for November, $380,000 for December, and $370,000 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 74% 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 $22,400.
Monthly depreciation is $22,200.
Ignore taxes.

Balance Sheet October 31
Assets
Cash	$	23,200
Accounts receivable		84,200
Merchandise inventory		199,800
Property, plant and equipment (net of $606,000 accumulated depreciation)		1,016,000
Total assets	$	1,323,200

Liabilities and Stockholders' Equity
Accounts payable	$	197,200
Common stock		610,000
Retained earnings		516,000
Total liabilities and stockholders' equity	$	1,323,200

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.

please solve all on excel part (A-B-C-D-E)

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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 $360,000 for November, $380,000 for December, and $370,000 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 74% 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 $22,400.
Monthly depreciation is $22,200.
Ignore taxes.

Balance Sheet
October 31
Assets
Cash	$ 23,200
Accounts receivable	84,200
Merchandise inventory	199,800
Property, plant and equipment (net of $606,000 accumulated depreciation)	1,016,000
Total assets	$ 1,323,200
Liabilities and Stockholders' Equity
Accounts payable	$ 197,200
Common stock	610,000
Retained earnings	516,000
Total liabilities and stockholders' equity	$ 1,323,200

Required:

Prepare Budgeted Income Statements for November and December.
Prepare a Budgeted Balance Sheet for the end of December.

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