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Category > Accounting Posted 17 Aug 2017 My Price 13.00

Welnor Industrial Gas Corporation

Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:

Ac€?c

Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 for January.
Ac€?c

Collections are expected to be 80% in the month of sale, 16% in the month following the sale, and 4% uncollectible.
Ac€?c The cost of goods sold is 74% of sales.
Ac€?c

The company desires ending merchandise inventory to equal 80% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
Ac€?c Other monthly expenses to be paid in cash are $21,500.
Ac€?c Monthly depreciation is $16,500.
Ac€?c Ignore taxes.

 

Balance Sheet
October 31
Assets
  Cash $ 22,500
  Accounts receivable (net of allowance for uncollectible accounts)   82,500
  Merchandise Inventory   219,040
  Property, plant and equipment (net of $663,000 accumulated depreciation)   1,170,000
     
  Total assets $ 1,494,040
     
Liabilities and StockholdersAc€?c Equity
  Accounts payable $ 199,500
  Common stock   890,000
  Retained earnings   404,540
     
  Total liabilities and stockholdersAc€?c equity $ 1,494,040
     
 

 

Required:

1.Prepare Cash Budgets for November and December. (Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values. Omit the "$" sign in your response.)

2.Prepare Budgeted Income Statements for November and December. (Input all amounts as positive values. Omit the "$" sign in your response.)

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 08:08 PM My Price 13.00

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