Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data

| September 28, 2018

Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store’s operations follow:o Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January.o Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible.o The cost of goods sold is 65% of sales.o 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.o Other monthly expenses to be paid in cash are $21,000.o Monthly depreciation is $16,000.o Ignore taxes. 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.

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