ss Weller Industrial Gas Corporation supplies acetylene and other compressed gases to Industry. Data regarding the store's operationsfollow:⚫ Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 for January.⚫ Collections are expected to be 80% in the month of sale and 20% In the month following the sale..The cost of goods sold is 69% 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 $20,100.Monthly depreciation is $19,900.Ignore taxes.AssetsCashBalance SheetOctober 31Accounts receivableMerchandise inventoryProperty, plant and equipment (net of $585,000 accumulated depreciation)Total assetsLiabilities and Stockholders' EquityAccounts payableCommon stockRetained earningsTotal liabilities and stockholders' equityRequired: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.Complete this question by entering your answers in the tabs below.Required A Required BRequired C Required DRequired EPrepare a Budgeted Balance Sheet for the end of December.AssetsCashAccounts receivableBalance SheetDecember 31InventoryProperty, plant and equipment (net of accumulated depreciation)Total assetsLiabilities and Stockholders' EquityAccounts payableCommon stockRetained earningsTotal liabilities and stockholders' equity< Required D$$Required E >$20,90081,900193,200995,000$1,291,000$ 194,900500,000596,100$1,291,000

A budget is a financial plan that forecasts and estimates the income and expenses over a specific…

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.

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.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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