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

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Accounting

Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:
Sales are budgeted at $360,000 for November, $380,000 for December, and $350,000 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.
? of sale and 40% in the month of sale. Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $21,900.
[3Monthly depreciation is $20,000.
e taxes.
Statement of Financial Position
October 31
Assets
Cash
Accounts receivable
(net of allowance for uncollectible accounts)
Inventory.
Property, plant and equipment
(net of $500,000 accumulated depreciation)
Total assets
Liabilities and Stockholders' Equity
Accounts payable
Common stock
Retained earnings
Total liabilities and stockholders' equity
$16,000
\table[[74,000],[140,400],[],[1,066,000
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