Management accounting, accounting, Basic Statistics

Assignment Help:
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.

Related Discussions:- Management accounting, accounting

Estimate stand-up time using the rmr system, SCENARIO It is proposed to...

SCENARIO It is proposed to construct a 3m diameter, 50m long tunnel, heading 0950, through the andesite lava flow at Maori Bay (Muriwai). As part of the preliminary investigati

Profit margin (return on sales), Hugh Snore Bedding, Inc. has assets of $40...

Hugh Snore Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12%. What is its profit margin (return on sales)?

Find the probability that the total weight of a full rack, Question: (a...

Question: (a) Packs of food have weights that are distributed with standard deviation 2.3 g. A random sample of 200 packets is taken. The mean weight of this sample is found t

Indirect method, in my home work it is a balance sheet 12/31/2010 12/3...

in my home work it is a balance sheet 12/31/2010 12/31/2009 accounts recievable 8000 10000 below it has letter a b c d e f-k wanting the letter with the explaination a

Compute the value of beta - simple linear regression , Simple Linear Regres...

Simple Linear Regression One measure of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over

Quartile Deviation, Quartile Deviation The range as a measure of dispersio...

Quartile Deviation The range as a measure of dispersion discussed above has certain limitations. It is based on two extreme items and it fails to take account of the scatter withi

Permutation, Find the number of different ways in which the 9 letters of th...

Find the number of different ways in which the 9 letters of the word GREENGAGE can be arranged if exactly two Gs are next to each other?

Determine the tax implications, Your firm purchased a line of computer equi...

Your firm purchased a line of computer equipment for $1.5M four years ago. It is assigned a CCA rate of 20% and the firm has a tax rate of 35%. At the end of this year (year 4 for

CALCULATIONS, CALCULATIONS OF MEAN USING PHSTAT

CALCULATIONS OF MEAN USING PHSTAT

Test statistic and the p-value, An experimental surgical procedure is being...

An experimental surgical procedure is being studied as an alternative to the old method. Both methods are considered safe, but the new method has the potential to reduce operating

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd