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

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Accounting

Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:* Sales are budgeted at $310,000 for November, $330,000 for December, and $320,000 for January.* Collections are expected to be 80% in the month of sale and 20% in the month following the sale.* The cost of goods sold is 70% of sales.* The company desires an ending merchandise inventory equal to 75% of the cost of goods sold in the following month.* Payment for merchandise is made in the month following the purchase.* Other monthly expenses to be paid in cash are $21,900.* Monthly depreciation is $21,700.* Ignore taxes.Balance SheetOctober 31AssetsCash$ 22,700Accounts receivable83,700Merchandise inventory162,750Property, plant and equipment (net of $601,000 accumulated depreciation)1,011,000Total assets$ 1,280,150Liabilities and Stockholders' EquityAccounts payable$ 196,700Common stock690,000Retained earnings393,450Total liabilities and stockholders' equity$ 1,280,150Required:* Prepare Budgeted Income Statements for November and December.
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