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    Devry University
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Category > Accounting Posted 16 Dec 2017 My Price 10.00

Data regarding the store's operations

1) Weldon 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 $350,000 for January.

• Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible.

• The cost of goods sold is 65% of sales.

• The company desires an ending merchandise inventory equal to 60% 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 $21,900.

• Monthly depreciation is $20,000.

• Ignore taxes.

 

Balance Sheet October 31

Assets

Cash 16,000

Accounts receivable(net of allowance for uncollectible accounts)    74,000

Merchandise Inventory 140,400

Property, plant and equipment (net 500,000 accumulated depreciation) 1,066,000

Total assets 1,296,400

 

Liabilities and Stockholders' Equity

Accounts payable             240,000

Common stock                                        640,000

Retained earnings            416,400

Total liabilities and stockholders' equity 1,296,400

Required:

a. Put together a Schedule of Expected Cash Collections for November and December.

b. Put together a Merchandise Purchases Budget for November and December.

c. Put together Cash Budgets for November and December.

d. Put together  Budgeted Income Statements for November and December.

e. Put together a Budgeted Balance Sheet for the end of December.

Answers

CourseLover
(12)
Status NEW Posted 16 Dec 2017 02:12 PM My Price 10.00

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