Weltin Industrial Gas Corporation Supplies Acetylene and Other Compressed Gases $\bullet$

Weltin Industrial Gas Corporation supplies acetylene and other compressed gases to industry.Data regarding the store's operations follow:
$\bullet$ Sales are budgeted at $390,000 for November,$370,000 for December,and $380,000 for January.
$\bullet$ Collections are expected to be 90% in the month of sale,5% in the month following the sale,and 5% uncollectible.
$\bullet$ The cost of goods sold is 60% of sales.
$\bullet$ The company purchases 70% of its merchandise in the month prior to the month of sale and 30% in the month of sale.Payment for merchandise is made in the month following the purchase.
$\bullet$ Other monthly expenses to be paid in cash are $21,800.
$\bullet$ Monthly depreciation is $18,000.
$\bullet$ 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.