Management accounting, accounting, Basic Statistics

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

• Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 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 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.
• Other monthly expenses to be paid in cash are $21,000.
• Monthly depreciation is $16,000.
• Ignore taxes.

statement of financial October 31
assets
cash $2
accounts receivable (net of allowance for uncollectible accounts) $8
merchandise inventory $16
property, plant & equip. (net of $165,000 accumulated depreciation) $1,17
total assets $1,44

liabilities and stockholders equity:
accounts payable $19
common stock $84
retained earnings $40
Total liabilities and stockholders equity $1,44

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.
Posted Date: 2/13/2012 3:25:48 PM | Location : United States







Related Discussions:- Management accounting, accounting, Assignment Help, Ask Question on Management accounting, accounting, Get Answer, Expert's Help, Management accounting, accounting Discussions

Write discussion on Management accounting, accounting
Your posts are moderated
Related Questions
1. Sketch and explain different regions of a pressure-volume diagram of a full cardiac cycle. 2. Sketch and explain the relationship between cardiac output and end-diastolic vol

what are the procedure of job order costing

Continuous probability distributions: Procurement and working capital analysis – Normally distributed random variables and their transformation Procedures The data is measure

Question: (a) 100 individuals applied for systems analyst positions with a large firm during the past year. 40 of them had some prior work experience (W), and 30 had a profes

How many free premium channels should research director recommend

Question: (i) A soft drink machine is regulated so that it fills an average of 300 cL per cup. If the amount of drink in each cup is normally distributed with standard deviati

told my friend I would help on a test, and now, think its beyond me LOL...want to save face, can you help me?

Hierarchical Clustering   Five, two-dimensional data points are shown below: x y -0.43 1.19 -1.66 1.1

what is the largest coefficient of (1+3x)^4 is ?

Show that for a single-output technology, Y is convex if and only if the production function f (z) is concave.