In: Accounting
Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:
Balance Sheet October 31 |
||||||
Assets | ||||||
Cash | $ | 22,700 | ||||
Accounts receivable | 83,700 | |||||
Merchandise inventory | 162,750 | |||||
Property, plant and equipment (net of $601,000 accumulated depreciation) | 1,011,000 | |||||
Total assets | $ | 1,280,150 | ||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable | $ | 196,700 | ||||
Common stock | 690,000 | |||||
Retained earnings | 393,450 | |||||
Total liabilities and stockholders' equity | $ | 1,280,150 | ||||
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.