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

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