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 31Assets:Cash $16,000Accounts receivable (net of allowances for uncollectable accounts $74,000Merchandise inventory $140,400Property, plant and equipment (net of $500,000 accumulated depreciation) $1,066,000Total Assets: $1,296,400Liabilities and Stockholders’ Equity:Accounts payable $240,000Common stock $640,000Retained earnings $416,000Total liabilities and stockholders’ equity: $1,296,400Required: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.
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