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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
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
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
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