Welnor Industrial Gas Corporation supplies acetylene and other

compressed gases to industry. Data regarding the store's operations

follow:

Sales are budgeted at $350,000 for November, $370,000 for

December, and $360,000 for January.

Collections are expected to be 75% in the month of sale, 22% in

the month following the sale, and 3% uncollectible.

sales.

The company desires ending merchandise inventory to equal 70% of

the following month's cost of goods sold. Payment for merchandise

is made in the month following the purchase.

paid in cash are $20,600.

$15,600.

Statement of Financial Position

October 31

Assets

(net of allowance for uncollectible accounts)

Inventory

equipment (net of $656,000 accumulated depreciation)

Liabilities and StockholdersA????1 Equity

payable

earnings

and stockholdersA????1 equity

Required:

Prepare a Schedule of Expected Cash Collections for November and

December. (Omit the "$" sign in your

response.)

Welnor Industrial Gas Corporation

Schedule of Expected Cash Collections

$   

$   

Cash Collections

receivable

$   

$   

collections

$   

$   

Prepare a Merchandise Purchases Budget for November and

December. (Input all amounts as positive values. Do not

round intermediate calculations. Omit the "$" sign in your

response.)

Welnor Industrial Gas Corporation

Merchandise Purchases Budget

goods sold

$   

$   

select)AddDeduct: (Click to select)Beginning merchandise

inventoryDesired ending merchandising inventory

select)DeductAdd: (Click to select)Desired ending merchandising

inventoryBeginning merchandise inventory

purchases

$   

$   

Prepare Cash Budgets for November and December. (Leave

no cells blank - be certain to enter "0" wherever required. Input

all amounts as positive values. Omit the "$" sign in your

response.)

Welnor Industrial Gas Corporation

Cash Budget

for merchandise

$   

$   

expenses

disbursements

$   

$   

beginning

$   

$   

receipts

available

disbursement

of cash available

  over disbursements

ending

$   

$   

Prepare Budgeted Income Statements for November and December.

(Input all amounts as positive values. Omit the "$" sign in

your response.)

Welnor Industrial Gas Corporation

Budgeted Income Statement

select)Cost of goods soldNet operating income (loss)Other monthly

expensesBad debt expenseSalesGross marginDepreciation

$   

$   

select)SalesNet operating income (loss)DepreciationOther monthly

expensesBad debt expenseGross marginAccounts payable

select)Gross marginAccounts payableOther monthly

expensesDepreciationNet operating income (loss)Cost of goods

soldSales

operating income (loss)Other monthly expensesCost of goods soldBad

debt expenseSalesGross marginDepreciation

select)Cost of goods soldGross marginBad debt expenseNet operating

income (loss)Other monthly expensesSalesInventory

select)SalesCost of goods soldBad debt expenseGross

marginInventoryDepreciationNet operating income (loss)

select)Gross marginCost of goods soldBad debt expenseSalesOther

monthly expensesNet operating income (loss)Depreciation

$   

$   

Prepare a Budgeted Balance Sheet for the end of December.

(Be sure to enter your answers in the order of

liquidity.)

Welnor Industrial Gas Corporation

Budgeted Balance Sheet

December 31

Assets

select)Accounts receivableInventoryCashProperty, plant and

equipment

select)InventoryAccounts receivableCashProperty, plant and

equipment

select)CashInventoryAccounts receivableProperty, plant and

equipment

select)InventoryCashProperty, plant and equipmentAccounts

receivable

Liabilities and StockholdersA????1 Equity

select)Accounts payableCashRetained earningsCommon stock

select)CashInventoryAccounts payableCommon stock

select)InventoryCashAccounts payableRetained earnings

and stockholdersA????1 equity